Dogecoin (DOGE): The Aftereffects of Printing This Bullish Setup
- DOGE saw a bullish setup on its 24hr chart following a volatile break.
- Dogecoin’s Open Interest within the past day supported the surged bullishness.
Dogecoin printed a massive base for bulls after rebounding from the support of $0.06 on October 25, translating to exponential surges on the token’s charts. Consequently, the canine-themed crypto soared beyond the 24hr 20-50-200 MAs to display a single-sided bullish superiority.
Nevertheless, the recent growth printed a bullish formation on the daily chart. While publishing this content, Dogecoin traded near $0.1286, gaining 5.53% within the past day.
Can Dogecoin Bulls Trigger Another Rally?
The latest bullish run supported buyers to overturn $0.111 to foothold from resistance, following a whopping 140% ROI between October 25 and November 1. Meanwhile, the ceiling at $0.14 plateaued the green candles streak.
Furthermore, the latest price actions formed a bullish pennant within the previous few weeks. Breakouts beyond the setup might expose the meme coin to uptrends toward $0.17 in the upcoming sessions. A break past the ceiling at $0.14 might confirm the upside tendencies.
Generally, upside pendant breakouts emerge when the volume maintains uptrends and the metric exhibited downtrends in this scenario. Thus, near-term declines might keep securing dependable rebounding ground at $0.111.
The RSI (Relative Strength Index) slightly dipped from the overbought region, though it retained its spot beyond the 70-level. Reversals on the metric might ease DOGE’s buying pressure.
Increased Open Interest & Price
The canine-themed token saw its Open Interest in all exchanges gaining more than 8.5% in the last 24 hours. Also, Dogecoin’s price climbed by over 5% in that timeframe. That confirmed bullishness within the futures marketplace.
Lastly, DOGE shares an 84% correlation with BTC. Therefore, enthusiasts should watch the king crypto to complement the highlighted technical factors. Bitcoin presented downside tendencies during this publication.
The bellwether cryptocurrency traded at $21,195.29, losing more than 0.89% within the past day. Failure to slip this narrative can see the asset losing the $21,000 foothold, welcoming new declines. Meanwhile, stable tendencies beyond this market can support near-term upsides.
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