Dogecoin (DOGE) price rose more than 10% today and traded at $0.1964

Technical signals and trader sentiment favoring this recovery rally put Dogecoin on track to break the $0.20 mark.

Dogecoin price today, May 9, saw a sharp increase of 10.71% and traded at $0.1964, putting it on track to break the $0.20 mark amid a recovery trend.

Technical signals and trader sentiment favoring this recovery rally were highlighted.

On the other hand, Binance traders were massively seen holding long positions on the meme coin, setting the stage for a sharp surge in Dogecoin.

Dogecoin Price Rises 10.71% in 24 Hours

In the last 24 hours, Dogecoin saw a surge of 10.71%, bringing it to $0.1964, or around IDR 3,256. Throughout the day, DOGE traded between a low of IDR 2,938 and a high of IDR 3,262, showcasing strong momentum in the market.

At the time of writing, Dogecoin’s market cap stands at around $29.41 billion, with trading volume showing a 181% increase to reach $2.01 billion in 24 hours.

This content is written in accordance with the standard journalistic code of conduct.

The post Dogecoin Price Today: Is Tipping Point Near for Next 12% Growth? appeared first on CC News.

Dogecoin (DOGE) bounced back from a 7-day low of $0.1643 and is now up 10%, marking a breakout from a falling wedge pattern.

In the last two weeks, DOGE formed two lower peaks and three lower troughs. If these price swing points are connected to a trend line, a falling wedge pattern is formed.

After the 4-hour candlestick managed to close clearly above the upper trend line of the wedge, Dogecoin price was confirmed to have a breakout. The 12% target towards $0.2061 is calculated from the distance between the swing high and the first swing low, then added to the breakout point at $0.1774.

This breakout was further confirmed by the appearance of three consecutive green candles on the 4-hour chart. In addition, DOGE’s latest rally has pushed the price to break above the 50 and 200 Exponential Moving Averages (EMA), which reduces the probability of a “death cross” in the short term.

Investors need to watch the 78.60% Fibonacci level at $0.1860, which could be a temporary barrier for DOGE to reach the wedge pattern target of $0.2061.

However, the now positive Chaikin Money Flow (CMF) Index suggests that the potential for a pause in the DOGE rally is small.

Based on Fibonacci levels, DOGE’s bullish trend could potentially reach $0.2042 if it manages to cross the resistance at $0.1860.

Therefore, according to DOGE price predictions, there is a strong opportunity for a 12% growth.

Conversely, the key support levels are at $0.1729 and $0.1642.

Interest in Dogecoin is increasing sharply in the derivatives market, marked by a 7.19% jump in Open Interest to reach $1.81 billion.

Along with the wave of bullish sentiment, 67.84% of accounts on Binance went long on DOGE. Overall, long positions in the market rose to 62.94% in the last hour.

Amidst the rising optimism, the liquidation of short positions resulted in a loss of $3.71 million for the bears. Currently, DOGE’s funding rate has jumped to 0.0051%, reflecting the high expectations or “hopium” for DOGE’s price rally.

As the price of DOGE continues to soar, the Dogecoin team has announced its second hackathon, which has nearly become an annual event.

This year’s “DOGEATHON” will be held in Portugal from July 22 to 24. The registration fee to attend the event is 269 DOGE, which comes out to almost $50.

This content aims to enrich readers’ information. Pintu collects this information from various relevant sources and is not influenced by outside parties. Note that an asset’s past performance does not determine its projected future performance. Crypto trading activities have high risk and volatility, always do your own research and use cold cash before investing. All activities of buying and selling bitcoin and other crypto asset investments are the responsibility of the reader.