THELOGICALINDIAN - Dogecoin ups the ante as its association attempts to pump prices to 420 by Jun 9
While the blow of the bazaar continues to balance from the weekend’s gut-wrenching losses, Dogecoin has resumed its uptrend. This time, enthusiasts are allegedly aggravating to advance prices as aerial as $0.69 by tomorrow.
Social Media Campaign Takes Dogecoin Higher
Despite growing worries about a Dogecoin bubble, prices abide to rise. The meme badge afresh became the fifth-largest cryptocurrency by bazaar capitalization, aloft Tether and Cardano, afterwards skyrocketing by added than 500% in the accomplished week.
DOGE went from trading at a low of $0.071 on Apr. 13 to accomplish a new best aerial of $0.46 recently.
The advertising about Dogecoin seems to be fueled by the #DogeDay420 hashtag, which has taken over Twitter and Reddit. The crypto association attempts to accomplish Apr. 20, or 4/20, an all-embracing day of anniversary for DOGE, by blame its bazaar amount to $0.69.
But the pump won’t end there. The campaign’s ultimate ambition is for Dogecoin to hit $4.20 by Jun. 9 or 6/9.
Many arresting analysts in the industry accept that a balderdash run of such consequence is unachievable. Others argue that the advancing anecdotal is allotment of a plan orchestrated by whales to dump their tokens on blind investors.
Realistic or not, technicals do acrylic a rather optimistic picture.
Targeting New All-Time Highs
According to 40-years trading adept Peter Brandt, Dogecoin appears to have developed a balderdash banderole arrangement on its alternate blueprint afterwards the best contempo amount action.
The antidotal aeon apparent afterwards DOGE hit a new best aerial of $0.46 on Apr. 16 created the pattern’s pennant. Meanwhile, the 265% upswing that took abode amid Apr. 15 and Apr. 16 developed the flagpole.
Another fasten in affairs burden pushed Dogecoin aloft the pennant’s high trendline signaling the uptrend’s resumption. Now that DOGE has risen by added than 58% back the breakout, it seems to accept added legs to go up.
The flagpole’s acme added from the blemish point suggests Dogecoin ability billow by addition 130% against the 200% or 227.2% Fibonacci retracement level. These analytical areas of absorption sit at $0.91 and $1.10, respectively.
Nonetheless, Dogecoin seems abreast to amend afore advancing further.
The Tom DeMark (TD) Sequential indicator afresh presented a advertise arresting in the anatomy of a blooming nine candlestick on the alternate chart. The bearish accumulation forecasts a one to four alternate candlesticks alteration afore the abutting advancement impulse.
If validated, DOGE may amend to the 78.6% or 61.8% Fibonacci retracement akin to acquiesce alone investors to get aback in the market.
These key abutment levels sit at $0.39 and $0.35, respectively.
Disclosure: At the time of writing, this columnist endemic Bitcoin and Ethereum.
