{"id":35328,"date":"2024-01-22T09:52:35","date_gmt":"2024-01-22T13:52:35","guid":{"rendered":"https:\/\/cryptocornercafe.com\/cafe\/?p=35328"},"modified":"2024-01-22T09:52:35","modified_gmt":"2024-01-22T13:52:35","slug":"dogecoin-price-will-moon-if-this-happens-crypto-analyst","status":"publish","type":"post","link":"http:\/\/cryptocornercafe.com\/cafe\/2024\/01\/22\/dogecoin-price-will-moon-if-this-happens-crypto-analyst\/","title":{"rendered":"Dogecoin Price Will \u2018Moon\u2019 If This Happens: Crypto Analyst"},"content":{"rendered":"

On Saturday, January 20, the Dogecoin price rose by more than 23% within 5 hours. As NewsBTC reported<\/a>, 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.<\/p>\n

When Will Dogecoin Price \u2018Moon\u2019?<\/h2>\n

In a new analysis<\/a>, Skew, a well-known figure in the crypto analysis sphere, has presented a nuanced perspective on the potential drivers for an lasting upswing<\/a> of the Dogecoin (DOGE) price. Skew\u2019s findings are grounded in both technical and speculative market dynamics.<\/p>\n

Skew\u2019s examination of the DOGE 4-hour (4H) chart revealed a \u201cNice pump after the creation of the XPayments account,\u201d suggesting that the market is speculating about \u2018X\u2019 possibly integrating Dogecoin as a payment option. Despite the positive momentum, Skew emphasized that for a sustainable uptrend, DOGE needs to \u201cproperly reclaim the 1W pivot ($0.08750) & Yearly open there after.\u201d<\/p>\n

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. \u201cSystematically, I\u2019m looking for price to trend with 4H EMAs & RSI above 50 to sustain a real uptrend,\u201d he stated.<\/p>\n

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: \u201cNew range being quoted here so far & clear larger range between current spot supply & demand.\u201d Notably, large bids were filed during the recent move above $0.09<\/p>\n

Regarding the Open Interest (OI) and Delta on Binance and Bybit for DOGE, Skew observed a \u201csubstantial OI increase on this +13% price move & more perp volume seen than spot volume.\u201d 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.<\/p>\n

Skew reflected on the previous DOGE rally linked to \u2018X\u2019, noting that \u201cClean systematic confirmations prior to narrative pump\u201d were evident, but the rally faltered due to \u201closs of narrative buyers\u201d after the DOGE logo<\/a> was removed. For a significant DOGE rally, Skew asserted that the market needs four clear signs:<\/p>\n

A real narrative this time,
\nkey price level reclaim,
\n4H trend sustained,
\n[and] higher spot flows to support perp speculation.<\/strong><\/p>\n

Adding to Skew\u2019s analysis, crypto analyst @DaanCrypto provided<\/a> insights on the 1-day DOGE\/USD chart, stating, \u201cDOGE I\u2019m not over complicating things. Nice hold of the Daily 200MA\/EMA. Narrative surrounding XPayments picking up.\u201d However, he cautioned that \u201cwe have no idea if anything will come from it,\u201d advising a focus on higher timeframes for a margin of safety.<\/p>\n

At press time, DOGE traded at $0.08276.<\/p>","protected":false},"excerpt":{"rendered":"

<\/p>\n

On Saturday, January 20, the Dogecoin price rose by more than 23% within 5 hours. As NewsBTC reported<\/a>, 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.<\/p>\n

When Will Dogecoin Price \u2018Moon\u2019?<\/h2>\n

In a new analysis<\/a>, Skew, a well-known figure in the crypto analysis sphere, has presented a nuanced perspective on the potential drivers for an lasting upswing<\/a> of the Dogecoin (DOGE) price. Skew\u2019s findings are grounded in both technical and speculative market dynamics.<\/p>\n

Skew\u2019s examination of the DOGE 4-hour (4H) chart revealed a \u201cNice pump after the creation of the XPayments account,\u201d suggesting that the market is speculating about \u2018X\u2019 possibly integrating Dogecoin as a payment option. Despite the positive momentum, Skew emphasized that for a sustainable uptrend, DOGE needs to \u201cproperly reclaim the 1W pivot ($0.08750) & Yearly open there after.\u201d<\/p>\n

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. \u201cSystematically, I\u2019m looking for price to trend with 4H EMAs & RSI above 50 to sustain a real uptrend,\u201d he stated.<\/p>\n

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: \u201cNew range being quoted here so far & clear larger range between current spot supply & demand.\u201d Notably, large bids were filed during the recent move above $0.09<\/p>\n

Regarding the Open Interest (OI) and Delta on Binance and Bybit for DOGE, Skew observed a \u201csubstantial OI increase on this +13% price move & more perp volume seen than spot volume.\u201d 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.<\/p>\n

Skew reflected on the previous DOGE rally linked to \u2018X\u2019, noting that \u201cClean systematic confirmations prior to narrative pump\u201d were evident, but the rally faltered due to \u201closs of narrative buyers\u201d after the DOGE logo<\/a> was removed. For a significant DOGE rally, Skew asserted that the market needs four clear signs:<\/p>\n

A real narrative this time,
\nkey price level reclaim,
\n4H trend sustained,
\n[and] higher spot flows to support perp speculation.<\/strong><\/p>\n

Adding to Skew\u2019s analysis, crypto analyst @DaanCrypto provided<\/a> insights on the 1-day DOGE\/USD chart, stating, \u201cDOGE I\u2019m not over complicating things. Nice hold of the Daily 200MA\/EMA. Narrative surrounding XPayments picking up.\u201d However, he cautioned that \u201cwe have no idea if anything will come from it,\u201d advising a focus on higher timeframes for a margin of safety.<\/p>\n

At press time, DOGE traded at $0.08276.<\/p>\n

<\/p>\n","protected":false},"author":0,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"colormag_page_layout":"default_layout","_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[82],"tags":[],"class_list":["post-35328","post","type-post","status-publish","format-standard","hentry","category-blockchain"],"jetpack_featured_media_url":"","jetpack_sharing_enabled":true,"_links":{"self":[{"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/posts\/35328","targetHints":{"allow":["GET"]}}],"collection":[{"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/types\/post"}],"replies":[{"embeddable":true,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/comments?post=35328"}],"version-history":[{"count":1,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/posts\/35328\/revisions"}],"predecessor-version":[{"id":35334,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/posts\/35328\/revisions\/35334"}],"wp:attachment":[{"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/media?parent=35328"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/categories?post=35328"},{"taxonomy":"post_tag","embeddable":true,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/tags?post=35328"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}