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Dogecoin Metrics Signal Impending Breakout, How High Can The Price Go?
Dogecoin is definitely on a rally as shown by crypto market numbers. The cryptocurrency has experienced a significant market increase amidst a wider consolidation, with the price up by 7.46% in the past seven days.
Although the price of DOGE was recently pushed back down today by some level of resistance near $ 0.087, it has since bounced back up again at $ 0.082. At the time of writing, DOGE is trading at $ 0.084, an increase of 2.4% from this support level. This indicates that the bulls are not ready to give up buying momentum.
According to a recent post by crypto analyst Rekt Capital on social media, DOGE has finally confirmed a break out of a descending channel pattern. On-chain signals also point to a huge surge in interest and trading volume, indicating DOGE might be going higher soon.
$ DOGE has confirmed a breakout from its Channel#DOGE #Crypto #Dogecoin pic.twitter.com/SvmtG65FZa
— Rekt Capital (@rektcapital) November 17, 2023
Metrics Signal Impending Breakout
The current state of the cryptocurrency market appears to be one of general consolidation when viewed through the lens of the price action of the many different cryptocurrencies that are tracked by Coinmarketcap.
Crypto market caps seem to be running out of steam after a four-week consecutive rally. However, Dogecoin’s market value has been increasing over the past week, bucking the trend of most other cryptocurrencies in the top 10 by market size, which has all shown a decline in their market caps over the past week.
Dogecoin has finally broken out of its narrow trading range in the weekly candle chart, surging over 45% in the past month. Several catalysts have contributed to this impending breakout, one of which is an increased trading activity. Another catalyst is the announcement of Astrobotic’s plan to send a physical Dogecoin token to the moon in December.
Whale movements have also contributed for the most part. According to on-chain data from crypto analytics platform Santiment, the cumulative balance of wallets holding 10 million to 1 billion DOGE has increased from 44.63 billion DOGE tokens on November 1 to a cumulative balance of 47.38 billion DOGE tokens on November 17th. As a result, these large holders have increased their holdings by 2.75 billion DOGE, worth approximately $ 231 million at the crypto’s current price.
How High Can The Dogecoin Price Go?
The technical indicators for Dogecoin are looking quite bullish right now. The short 10-day Moving Average has climbed steadily above the longer 21-day Moving Average since a bullish cross on October 23 last month, indicating the bulls still have major control over the market. A continued bullish momentum could see the crypto break various price resistances, the first being the $ 0.87 level.
Doge is trading at $ 0.08440 at the time of writing. The next hurdle is to break above $ 0.09 and then move towards $ 0.1. According to IntoTheBlock’s Global In/Out Of The Money metric, about 1.58 million addresses are still waiting for DOGE to climb above their minimum buying price of $ 0.858 before making a profit.
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Ethereum Bulls May Propel Price To $3,100, Analyst Suggests
Ethereum (ETH), the second-largest cryptocurrency, has seen a significant price increase over the past month. The recent bullish rush in the crypto market, coupled with BlackRock’s involvement, has pushed ETH to its year-to-date high of $ 2,139.
Ethereum Outshines Bitcoin And Altcoins
According to market data provider Kaiko, ETH has outperformed BTC and many altcoins in recent weeks, signaling a shift in market dynamics.
Kaiko’s report highlights how ETH struggled to gain momentum over the past year, despite successful upgrades such as The Merge in April.
However, the sentiment around ETH changed dramatically when BlackRock filed for a spot ETH exchange-traded fund (ETF), leading to a reversal in the ETH to Bitcoin (BTC) ratio.
The impact on the market was substantial, with ETH prices surging above $ 2,000 for the first time since April. Additionally, daily spot trade volumes reached $ 7 billion, the highest level since the collapse of FTX.
The ETH ETF narrative provided further impetus to the ongoing rally, amplified by improved global risk sentiment and declining US Treasury yields.
The dominance of altcoin + ETH volume relative to BTC has risen to 60%, marking its highest level in over a year. During bull rallies, altcoin volume typically increases relative to BTC.
This surge in demand has also led to rising leverage, as reflected in the recovery of ETH open interest to early August levels. Notably, BTC open interest has declined over the past month due to liquidations on Binance, resulting in the Chicago Mercantile Exchange (CME) outpacing Binance as the largest BTC futures market.
Furthermore, ETH funding rates, a gauge of sentiment and bullish demand, have reached their highest levels in over a year, indicating a significant shift in sentiment. In November, both BTC and ETH 30-day volatility rose to 40% and 50% respectively, following a multi-year low of around 15% during the summer months.
Crypto Expert Predicts ETH Breakout
Renowned crypto expert Michael Van de Poppe believes that ETH is on the cusp of a significant breakthrough. According to Van de Poppe, if Ethereum manages to surpass the crucial $ 2,150 resistance level, it could signify the end of the bear market.
Drawing a parallel with Bitcoin’s critical $ 30,000 barrier, Van de Poppe suggests that breaching this level could pave the way for a substantial rally, potentially propelling Ethereum towards the price range of $ 3,100 to $ 3,600.
However, Ethereum has yet to touch the $ 2,150 resistance line, as it faces a pre-existing obstacle in the form of its yearly high of $ 2,139. This pivotal level has halted the cryptocurrency’s bullish momentum, acting as a formidable resistance.
As a result, Ethereum has been consolidating within a narrow range between $ 2,050 and $ 2,100 for the past three days.
The forthcoming days will reveal whether Ethereum can overcome its immediate resistance levels and establish a consolidated position above them. Alternatively, it may face a fate similar to Bitcoin, which failed to surpass the $ 31,000 level for over seven months before reaching its current trading price of $ 36,000.
Featured image from Shutterstock, chart from TradingView.com
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