Dogecoin Price Will ‘Moon’ If This Happens: Crypto Analyst
22 Januar 2024 - 10:45AM
NEWSBTC
On Saturday, January 20, the Dogecoin price rose by more than 23%
within 5 hours. As NewsBTC reported, the creation of the X Payments
account was the cause of the sudden price increase, which reignited
hopes within the community about the integration of DOGE. However,
the speculative surge was short-lived, with only around 4% of the
gains remaining at time of publication. When Will Dogecoin Price
‘Moon’? In a new analysis, Skew, a well-known figure in the crypto
analysis sphere, has presented a nuanced perspective on the
potential drivers for an lasting upswing of the Dogecoin (DOGE)
price. Skew’s findings are grounded in both technical and
speculative market dynamics. Skew’s examination of the DOGE 4-hour
(4H) chart revealed a “Nice pump after the creation of the
XPayments account,” suggesting that the market is speculating about
‘X’ possibly integrating Dogecoin as a payment option. Despite the
positive momentum, Skew emphasized that for a sustainable uptrend,
DOGE needs to “properly reclaim the 1W pivot ($0.08750) &
Yearly open there after.” Related Reading: Dogecoin (DOGE) Up By
11% As X Launches Dedicated Payment Account He stressed the
importance of the price trend aligning with the 4-hour Exponential
Moving Averages (EMAs) and a Relative Strength Index (RSI)
consistently above 50. “Systematically, I’m looking for price to
trend with 4H EMAs & RSI above 50 to sustain a real uptrend,”
he stated. On the DOGE Binance spot market, Skew highlights a new
price range formation, noting a significant spot demand zone around
$0.07 and a large supply wall at $0.1. He pointed out: “New range
being quoted here so far & clear larger range between current
spot supply & demand.” Notably, large bids were filed during
the recent move above $0.09 Regarding the Open Interest (OI) and
Delta on Binance and Bybit for DOGE, Skew observed a “substantial
OI increase on this +13% price move & more perp volume seen
than spot volume.” He suggested monitoring spot market flows for
bullish indicators such as a spot premium leading price, spot limit
bids on dips, and neutral funding rates to anticipate further
gains. Related Reading: Top Analyst Anticipates Dogecoin Surge To
$0.10, But There’s A Catch Skew reflected on the previous DOGE
rally linked to ‘X’, noting that “Clean systematic confirmations
prior to narrative pump” were evident, but the rally faltered due
to “loss of narrative buyers” after the DOGE logo was removed. For
a significant DOGE rally, Skew asserted that the market needs four
clear signs: A real narrative this time, key price level reclaim,
4H trend sustained, [and] higher spot flows to support perp
speculation. Adding to Skew’s analysis, crypto analyst @DaanCrypto
provided insights on the 1-day DOGE/USD chart, stating, “DOGE I’m
not over complicating things. Nice hold of the Daily 200MA/EMA.
Narrative surrounding XPayments picking up.” However, he cautioned
that “we have no idea if anything will come from it,” advising a
focus on higher timeframes for a margin of safety. At press time,
DOGE traded at $0.08276. Featured image from DALL·E, chart from
TradingView.com
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