Dogecoin [DOGE] Exits Trading Range With 19% Surge
Dogecoin is the top performer in the top 20 cryptocurrencies by market cap over the past 24 hours with an over 19% surge.
Doge broke above a prolonged range yesterday that it had been forming between $0.002 and $0.0023.
The price is currently trading around $0.0026 after forming an intraday high above $0.0031 yesterday.
Today’s daily candle is forming a Doji so far. A Doji candle is a candle where the open and close around the same point and typically reflects uncertainty from the side of traders.
Traders may be unsure whether the surge over the past 24 hours can continue or whether a retracement is going to take place.
Momentum is currently with the buyers as both the RSI and MACD increase.
The daily MACD is approaching its centerline to the upside, a strong bullish signal which shows potential for another surge to take place.
The hourly chart illustrates the surge in further detail.
Price violently swung in the opposite direction after forming the intraday high yesterday.
Dogecoin has since begun to form a new potential range from $0.0025 to $0.00275.
With the market currently experiencing bullish conditions and the momentum being on the side of buyers in Doge, it seems more likely that Dogecoin will continue its increase in the near term.
- Dogecoin broke above a prolonged range between $0.002 and $0.0023 yesterday with a surge that recorded an intraday high above $0.0031.
- Price violently swung in the opposite direction after forming its high.
- Today’s candle is forming a Doji as traders assess the break above the range and whether it is likely to continue.
- Price may be after entering a new range between $0.0025 to $0.00275.
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