Shiba

Parabolic

Dogecoin

Shiba Inu

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 DOGE flashes a rarely seen technical signal which has historically been followed by a parabolic rally.
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 When memecoins go parabolic, it’s usually a market top signal and a warning that investors’ euphoria has peaked. The market witnessed similar speculative fury in the 2020 to 2021 bull market when Dogecoin (DOGE) chased after $1, Shiba Inu (SHIB) rallied by tens of thousands of percent, and NFT prices hit eye-watering six to seven-digit highs.&nbsp;
 <figure><img src="https://cdn.thebittimes.com/images/2023/11/21/7550a109ac762006f1076a2f02a3ca0e.webp">
 <figcaption style="text-align: center;">DOGE/USDT vs BTC/USDT weekly chart. Source: TradingView
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 Despite only being up 13.6% for the year, DOGE’s 33.2% gain over the last month has put the asset on some analysts’ radar.
 Take, for example, crypto <a rel="noopener noreferrer nofollow" title="trader" href="https://thebittimes.com/tag/trader.html">trader</a> Tony “The Bull,” who pointed out that DOGE price rallied into the one-month parabolic SAR indicator, a move that the <a rel="noopener noreferrer nofollow" title="trader" href="https://thebittimes.com/tag/trader.html">trader</a> says was previously followed by a 23,000% rally.
 For <a rel="noopener noreferrer nofollow" title="trader" href="https://thebittimes.com/tag/trader.html">trader</a>s who use technical <a rel="noopener noreferrer nofollow" title="Category Analysis" href="https://thebittimes.com/analysis.html">Analysis</a>, the parabolic SAR is generally used to pinpoint “stop and reverse” signals from an asset. In short, it is used to determine the price levels where an asset could stop in its current direction and begin a trend reversal.
 <blockquote class="twitter-tweet">
 This dog is ready to bite #Dogecoin tags 1M Parabolic SAR Last signal produced a $DOGE 23,000% rally pic.twitter.com/ZGr9eFCaea— Tony "The Bull" (@tonythebullBTC) November 16, 2023
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 Traders have also pointed to DOGEs Fibonacci levels as a guide to where price could head in the medium term. Citing the monthly time frame, $0.12 at the 0.618 Fib level has been identified as a medium-term target, whereas the 1.618 Fib level suggests $0.23 as the terminus of the current DOGE swing <a rel="noopener noreferrer nofollow" title="trade" href="https://thebittimes.com/tag/trade.html">trade</a>.
 <figure><img src="https://cdn.thebittimes.com/images/2023/11/21/4592571c6b3d22a4a21dbd9567142bb2.webp">
 <figcaption style="text-align: center;">DOGE/USDT 1-month chart. Source: TradingView
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 Related: Price analysis 11/20: SPX, DXY, BTC, ETH, BNB, XRP, SOL, ADA, DOGE, LINK
 Trading volumes and open interest were another pair of notable metrics that <a rel="noopener noreferrer nofollow" title="trader" href="https://thebittimes.com/tag/trader.html">trader</a>s zoomed in on last week as DOGE open interest soared to a 2-month high and trading volume hit a 6-month high.
 <figure><img src="https://cdn.thebittimes.com/images/2023/11/21/c1ba217052af6652a0d22ca8e1739d96.webp">
 <figcaption style="text-align: center;">DOGE trading volumes. Source: Coinglass
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 This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.
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Source: <a rel="noopener noreferrer nofollow" target="_blank" href="https://thebittimes.com/crypto-traders-are-looking-at-dogecoin-doge-again-here-is-why-tbt70987.html">https://thebittimes.com/crypto-traders-are-looking-at-dogecoin-doge-again-here-is-why-tbt70987.html</a>

Crypto traders are looking at Dogecoin (DOGE) again — Here is why

TheBitTimes

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