Dogecoin Turns Bullish: Moves Above MA200 On Rising Volume
2024-10-19

Hello my fellow Cryptocurrency trader, how are you feeling today?

Here we have Dogecoin (DOGEUSDT) on the daily timeframe, and we have some interesting developments for the bulls.

DOGEUSDT today moved decidedly above MA200. This same level produced a rejection back in July. If DOGEUSDT can manage to stay above this level, bullish potential is now confirmed.

While this is happening, we can see a clear increase in trading volume, slowly but surely, day after day bull-volume continues to rise as Dogecoin moves above resistance in the form of MA200.

This is one signal. We also have a higher lows structure that is being confirmed. Dogecoin hit a low in August 2023 and then we have a clear and very strong higher low in August 2024, one year later. This break above resistance coupled with this higher low can lead to a higher high next.

These targets on the chart are for the mid-term, which means within 1-3 months.

If prices move and close below MA200 daily/weekly, as it happened in July, this would turn into a failed signal. The big difference between July and present day is the volume as well as more than four months of consolidation...  Prepare for growth. 

Dogecoin is also bullish on the weekly timeframe and as well as on its Bitcoin pairing, DOGEBTC. The latter can be found in the 'Related publications' below.

Thank you for reading.

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