Parabolic

Strike

Dogecoin

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Tony “The Bull” (@tonythebullBTC), a distinguished trader and technical analysis expert on Twitter,<a href="https://twitter.com/tonythebullBTC/status/1690685052303069184?s=20" target="_blank" rel="noopener noreferrer nofollow"> recently delved</a> into the dynamics of Dogecoin ($DOGE). 
Drawing parallels from historical data, he pointed out that the last instance when Dogecoin engaged with the 1M Parabolic SAR, it skyrocketed with an impressive 24,000% surge. 
<figure class="wp-block-image size-large"> 
 <img decoding="async" loading="lazy" width="1024" height="637" src="https://captainaltcoin.com/wp-content/uploads/2023/08/image-411-1024x637.png" alt="" class="wp-image-312787" srcset="https://captainaltcoin.com/wp-content/uploads/2023/08/image-411-1024x637.png 1024w, https://captainaltcoin.com/wp-content/uploads/2023/08/image-411-300x187.png 300w, https://captainaltcoin.com/wp-content/uploads/2023/08/image-411-767x477.png 767w, https://captainaltcoin.com/wp-content/uploads/2023/08/image-411-1536x956.png 1536w, https://captainaltcoin.com/wp-content/uploads/2023/08/image-411.png 2048w, https://captainaltcoin.com/wp-content/uploads/2023/08/image-411-241x150.png 241w, https://captainaltcoin.com/wp-content/uploads/2023/08/image-411-100x62.png 100w, https://captainaltcoin.com/wp-content/uploads/2023/08/image-411-563x350.png 563w, https://captainaltcoin.com/wp-content/uploads/2023/08/image-411-788x490.png 788w" sizes="(max-width: 1024px) 100vw, 1024px"> 
</figure> 
This observation naturally leads to the speculation: Is Dogecoin gearing up to mirror its previous feats, or is it poised for a more subdued trajectory? 
According to the insights provided by <a class="thirstylink" rel="noopener noreferrer nofollow" target="_blank" title="altFINS" href="https://captainaltcoin.com/go/altfins/" data-shortcode="true">altFINS</a>, Dogecoin has recently exhibited a bullish breakout from its Falling Wedge pattern. This pattern often suggests that the buying pressure is starting to outweigh the selling pressure, hinting at a possible trend reversal. This bullish sentiment was further solidified when Dogecoin’s price not only breached the $0.07 resistance but also surpassed the 200-day moving average, which is pegged at $0.08. If this momentum continues, Dogecoin might be setting its sights on the $0.10 resistance mark next. 
<figure class="wp-block-image size-large"> <a href="https://captainaltcoin.com/go/altfins/" target="_blank" rel="noopener noreferrer nofollow"><img decoding="async" loading="lazy" width="1024" height="550" src="https://captainaltcoin.com/wp-content/uploads/2023/08/image-412-1024x550.png" alt="" class="wp-image-312795" srcset="https://captainaltcoin.com/wp-content/uploads/2023/08/image-412-1024x550.png 1024w, https://captainaltcoin.com/wp-content/uploads/2023/08/image-412-300x161.png 300w, https://captainaltcoin.com/wp-content/uploads/2023/08/image-412-768x412.png 768w, https://captainaltcoin.com/wp-content/uploads/2023/08/image-412-1536x824.png 1536w, https://captainaltcoin.com/wp-content/uploads/2023/08/image-412-2048x1099.png 2048w, https://captainaltcoin.com/wp-content/uploads/2023/08/image-412-279x150.png 279w, https://captainaltcoin.com/wp-content/uploads/2023/08/image-412-100x54.png 100w, https://captainaltcoin.com/wp-content/uploads/2023/08/image-412-652x350.png 652w, https://captainaltcoin.com/wp-content/uploads/2023/08/image-412-788x422.png 788w, https://captainaltcoin.com/wp-content/uploads/2023/08/image-412.png 1457w" sizes="(max-width: 1024px) 100vw, 1024px"></a> 
</figure> 
In terms of patterns, the Falling Wedge is predominantly seen as a precursor to a bullish breakout. When the price manages to cross the upper trend line, it’s generally anticipated to move in an upward direction. While some swing traders might be tempted to capitalize on emerging patterns within the converging lines, the general consensus among traders is to exercise patience. It’s often recommended to wait for the pattern to fully materialize and exhibit a breakout before initiating a BUY order. 
Assessing the current trend, Dogecoin seems to be on an upward trajectory in the short to medium term. However, when viewed from a long-term perspective, its trend appears to be neutral. The momentum indicators present a mixed bag. The MACD Line’s position below the MACD Signal Line leans towards a bearish sentiment. In contrast, the RSI, which is approximately at 50, indicates neutrality. But there’s a silver lining: the ascending MACD Histogram bars suggest that Dogecoin’s momentum might be on the brink of another upswing. 
On the support and resistance front, Dogecoin finds its immediate support at $0.070, which interestingly was a previous resistance point. Following this, the next support level is at $0.055. Conversely, the resistance zones that Dogecoin might encounter are at $0.010 and subsequently at $0.110. 
You can review our <a href="https://captainaltcoin.com/dogecoin-price-prediction/" target="_blank" rel="noopener noreferrer nofollow">Dogecoin price prediction here.</a> 
As Dogecoin navigates its way through established support and resistance zones, investors and traders alike should remain vigilant, keeping an eye on key price points and market indicators. The coming days could be pivotal in determining whether Dogecoin will emulate its past glory or chart a different course. 
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The post <a rel="noopener noreferrer nofollow" href="https://captainaltcoin.com/dogecoin-traders-betting-on-deja-vu-will-historys-24000-doge-price-surge-strike-twice/">Dogecoin Traders Betting on Deja Vu: Will History’s 24,000% DOGE Price Surge Strike Twice?</a> appeared first on <a rel="noopener noreferrer nofollow" href="https://captainaltcoin.com">CaptainAltcoin</a>.

Dogecoin Traders Betting on Deja Vu: Will History’s 24,000% DOGE Price Surge Strike Twice?

CaptainAltcoin

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