Dogecoin Flashes Dual Bullish Divergence Amid $35K BTC Rally
- Bitcoin crossed past $35,000 after BlackRocks’ BTC ETF got a birth certificate.
- The price move affected most altcoins, having a positive correlation with BTC.
- Pro trader indicates a seldom occurring pattern on Dogecoin’s technical charts.
Dogecoin bulls managed to regain control from the crypto bears after an extensive two-month period of phased price consolidation. Even though Dogecoin (DOGE) fell to $0.057 on October 13th, 2023, the memecoin endured strong bullish momentum after Bitcoin soared past $35,000 in the greatest daily run for the leading digital asset so far this year.
Dogecoin Forms Ultra Rare Pattern
Several experienced crypto enthusiasts have expressed their optimism about the Bitcoin-ignited bull run; painting parallels with last year’s DOGE run. Indeed, Dogecoin’s performance after Elon Musk acquired Twitter in late October 2022 catapulted DOGE to $0.142, a price range unseen ever since its all-time high amid the 2021 mainstream crypto boom.
However, this time, Dogecoin’s estimated breakout does not have as much exposure to outside macroeconomic factors as before. JD, a professional chart analyst, affirmed this as the monthly technical charts for DOGE unfold an ultra-rare duplex bullish divergence design.
JD marked the yellow trendline as the strongest line of support. Currently, Dogecoin’s price is in the aforementioned range, bouncing off the line twice. As a result, Dogecoin’s price is simultaneously printing out bullish divergence on the Relative Strength Index (RSI) and Stochastic RSI (SRSI).
The bi-fold bullish divergence tackled DOGE’s price on 23rd October 2023, when DOGE rebounded from its slippage below the $0.06 support zone to trade at $0.065. After facing a soft market correction, DOGE sustained above the $0.063 resistance to catch on the bullish breakout the next day, thus accomplishing a monthly high of $0.069.
On the Flipside
- In addition to the dual bullish divergence, $DOGE also currently bears three neutral on-chain signals, according to the blockchain analytics platform IntoTheBlock.
- With no real-time bearish on-chain signals remaining, $DOGE still faces market correction after topping the monthly high of $0.069 on October 24, 2023, amid BTC’s run.
Why This Matters
Technical indications assist in determining the price movement patterns of a cryptocurrency, as well as reactions to various macroeconomic factors.
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Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
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