Dogecoin (DOGE), beloved of crypto traders old and new, has repeated its classic move and shot up as much as 140% in the past two days. With this move, it is pushing on a multi-year resistance zone. If that were to break, we would see something truly interesting.
We can see this on the weekly DOGE/Bitcoin chart, from the (once-mighty) Poloniex exchange. This trending zone has been respected since June 2017, which many consider the first great “alt season”.
The two key levels here are ₿0.00000038 (38 sats) and 79 sats, which make up the block of the resistance area on the weekly chart. This poses a very clear criterion for us to be aware of: the weekly has not closed within this zone in three-plus years; and come Monday, if it is above 38-ish sats, DOGE will be looking interesting still.
Moving to the daily DOGE/USDT chart, we see a similar, if less slanted situation. If the rocket 140% move is to make any inroads into a new price structure, it will have to hold on a retest at about $0.0033.
DOGE chart by TradingView
That doesn’t look like it should be too difficult, and we could instead see a hold somewhere much more impressive like $0.0045 and above.
At any rate, we need to watch that DOGE/Bitcoin weekly chart. Breaking resistance seems too hard to believe; but we could well see DOGE/USDT continue up – and this would imply a leg up for Bitcoin. Thus, DOGE/Bitcoin may tell us just as much about the broader crypto market as it does about Dogecoin itself.
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