Dogecoin analysis for April 16, 2021
Dogecoin is making its historical highs hour by hour. Based on this, we will do a smaller analysis of the graph on the hourly time frame. After reaching its new high at 0.29883, we see a pullback to support at 0.23000. Customers found support, thereby pushing Dogecoin again, creating a FLAG pattern on the chart, which gives us a clean bullish picture and confirmation of the continuation of the growing trend.
Break above 0.27000, consolidation, and better confirmation can be requested on the 15-minute time frame to enter a new buy position. If we get confirmation on the chart, our targets are 0.30000 psychological level, followed by 0.32000, 0.34000. For the bearish trend, we need a descent below 0.23000, with a view to 0.20000, then to 0.160000.
Following the moving averages, we are in a strong bullish trend. And the MACD indicator is also on the bullish side, and it gives us support for Dogecoin to conquer new highs.
Dogecoin (DOGE), a meme-based altcoin that became Elon Musk’s favorite talk point, doubled in 24 hours to a high of $ 0.29. Cointelegraph Markets Pro and TradingView have shown that DOGE / USD exceeds other major cryptocurrencies in order of April 16.
In what seems like an almost unbelievable move, Dogecoin has also become the eighth largest cryptocurrency by market capitalization, surpassing Litecoin (LTC), Chainlink (LINK), and Uniswap (UNI), among others. Unlike the same date a year ago, shortly after the 2020 short market bear pit, Dogecoin rose 12,600%.
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