Dogecoin climbs to $0.051 amid upside momentum

    DOGE/USD is buying and selling above $0.050 inside a short-term symmetrical sample

    Dogecoin noticed important volatility within the first weeks of the yr, rising to an all-time excessive of $0.086 in early February. However the upside potential seems to have pale, regardless of continued tweeting from its most outstanding supporter Elon Musk.

    As we speak, nonetheless, noticed the cryptocurrency’s bulls seeking to capitalise on information from a unique quarter as they eye a rebound to costs final seen on 25 February.

    Yesterday, the crypto ATM agency CoinFlip introduced that it had added DOGE to the listing of cash obtainable at its ATMs. In accordance with the agency, retail consumers within the US now have a chance to buy the favored cryptocurrency with money at any of its 1,800 ATMs.

    The market response to the information has seen the DOGE/USD value break above the resistance line at $0.050. The worth motion now appears prone to lengthen upward within the quick time period, breaking what has been a downward development for the fifteenth ranked cryptocurrency.

    Dogecoin value outlook

    DOGE/USD has largely traded downwards for the reason that first week of February when a serious pump noticed it smash into the highest ten by market cap by surging to an all-time excessive of $0.086.

    The upside witnessed over the previous 24 hours, due to this fact, strikes DOGE value above the important thing help stage at $0.048, marked by the 0.786 Fibonacci retracement stage of the downswing from $0.060 excessive to $0.044 low.

    On the 4-hour chart, DOGE/USD is seeking to set up help above the 0.618 Fib stage ($0.050). This can enable bulls to maneuver increased in the direction of the resistance line of a just lately shaped symmetrical triangle sample.

    DOGE/USD 4-hour chart. Supply: TradingView

    The RSI and MACD indicators are suggesting the upside path is almost certainly as bulls construct momentum.

    One other leg up might see consumers conquer resistance on the 0.5 Fib retracement stage ($0.052). If the momentum holds and shopping for stress sends the DOGE/USD pair above the down-trending line of the symmetrical sample, bulls might retest the world round $0.056 (0.236 Fib stage).

    The following short-term targets can be within the vary of $0.060—$0.065, above which lies the prize of $0.086.

    Quite the opposite, a breakout must happen for the bullish perspective prompt by the RSI and MACD to validate. In any other case, it’s doubtless DOGE’s upside momentum might dissipate and permit costs to bounce decrease in the direction of the triangle help.

    On the time of writing, DOGE is buying and selling round $0.051, which places bulls above the 20-day EMA ($0.0503). This zone might type the first help zone if a swift rejection follows an upside to $0.052.

    On this case, bears might search targets round earlier help zones at $0.048 and $0.044.

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