July 5, 2023 7:10 am | Read in 2 minutes
dogecoin (CRYPTO: DOGE) experienced a significant gain on Tuesday, retracing $0.070 levels for the first time in four weeks.
what happened: On-Chain Analytics Company Santimento The recent rise could be attributed to DOGE’s biggest short sale of 2023, which occurred just six days ago, it reported.
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The level of discussion and overall interest around the meme-inspired cryptocurrency remains relatively low, according to data from Santiment.
Prominent pseudonymous analyst Kaleo On Tuesday, he expressed optimism about the future of DOGE, suggesting that the cryptocurrency could hit $0.10 sooner than expected. “It’s faster than you think and you won’t lose a dime,” the analyst said.
Kaleo pointed to recent moves among other digital currencies and the growing strength of digital currencies. pepecoin (CRYPTO: PEPE) is cited as an indicator that investors may be overlooking Dogecoin’s potential. He also predicted potential pressure and a reversal of the bearish trend. Bitcoin (Crypto: BTC) Near future.
why it matters: according to some analysis To benzinga Tuesday, while Bitcoin and ethereum (Cryptocurrency: ETH) has experienced a slight consolidation after previous bullish days, with Dogecoin showing remarkable strength.
A key element to watch for DOGE is its ability to breakout from the mother bar formed on July 1st. If this breakout occurs, it will confirm a new uptrend for Dogecoin.
In technical analysis, an uptrend is defined as a series of consistent highs and lows on a price chart. This pattern suggests upward momentum and the potential for further price gains.
Price action: At the time of this writing, DOGE is trading at $0.068, up 0.70% over the past 24 hours. According to Benzinga Pro.
Read the following: Bitcoin, Ethereum, Dogecoin Mix As BTC Dominance Soars Above 50%: Analysts Say Solana Is Ready To Cross This Key Level To An All-Time High
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