Seemingly out of nowhere, Dogecoin became the most talked about cryptocurrency in the entire market. With Bitcoin trading at tens of thousands and Ethereum not far behind it at four digits per token, the low-priced DOGE became the perfect entry point for newcomers to the crypto space, driven by the idea that together, investors could pump the price per DOGE to $1 each.
The trend captured the imagination of all of finance, from Wall Street to the mainstream, and it also caught the attention of the award-winning PrimeXBT who has now announced it has listed the meme coin, alongside six other crypto assets.
PrimeXBT Goes To The Moon With Dogecoin, Solana, Cardano, And More
Dogecoin started off 2021 at under a penny per coin, and rose more than 15,000% to around 75 cents at the current all-time high. The surge was driven in large part by Robinhood traders who bought up share after share of the altcoin, which has since struggled.
The meteoric rise to “the moon” has made Dogecoin a cultural phenomenon, and brought it to the attention of the award-winning margin trading platform PrimeXBT, which has a penchant for quality, performance, and constant innovation.
Dogecoin is one of seven total altcoin assets that have been listed to trade using long and short positions — the very same tools the platform’s users utilize to trade forex, commodities, stock indices, and other top crypto assets. Margin accounts can be funded with BTC, ETH, USDT, and USDC to access up to 1:20 leverage on the newly added altcoins. The list of altcoins includes Cardano, Solana, Chainlink, Polkadot, XRP, Uniswap, and Dogecoin.
Covesting strategy managers can also tap into the same trading pairs, only with up to 1:10 leverage. Followers and strategy managers alike will benefit from these newest opportunities for profits. We won’t be surprised to see new records set in total profits in the Covesting leaderboards with such volatile assets added.
Factors Fueling Dogecoin’s Mission To One Dollar
There is no doubt Dogecoin can be profitable. But can it reach a dollar? The crypto community wants to see it through to fruition, and they have the support from the self-proclaimed “Dogefather” Elon Musk. The eccentric and outspoken Tesla CEO is an avid DOGE supporter, mentioning it during his appearance on the primetime TV show Saturday Night Live.
Dogecoin is also much greener than Bitcoin, which made the altcoin especially attractive to the electric vehicle automaker. It is also a social media sensation on platforms like Tik Tok, and sparked the creation of several similar meme tokens.
The coin born from a joke on Reddit and a meme based on the hilarious Shiba Inu pup, is suddenly being taken a lot more seriously. Only time will tell if this bandwagon trend will end, or if the asset deserves a place alongside other top cryptocurrencies or the traditional assets listed on PrimeXBT.
Listing Is Only The Latest PrimeXBT Innovation, But Not The Last
At only 25 cents, reaching the target of $1 and fulfilling that prophecy could be an easy 4x trade. If the coin drops further, traders can now go short on DOGE and six other altcoins using PrimeXBT advanced trading tools. PrimeXBT’s growing set of competitive advantages include the ability to access both traditional and crypto markets from a single account, personalized service with dedicated account managers, the highest level of asset protection, 24/7 live customer support, and as much as 99.9% uptime for reliable performance.
The platform continuously provides an abundance of innovation and more is always on the way. With the new assets now listed, PrimeXBT says it aims to release the much anticipated Covesting Yield Account module within the next “several weeks.”
The tool, like everything else the two partners build together, will focus on profitability and simplicity. With only a few clicks and without leaving the PrimeXBT dashboard, users will be able to stake idle crypto assets for up to a 35% APY.
Keep watch on the official company blog for more information on Covesting Yield Accounts, or to read more details on the trading pairs listed in this most recent update.
Dogecoin Price Struggling Near Vital DMA Lines, With Average Volume Activity.
- Dogecoin price is currently trading near its major moving averages of 20, 50, 100, and 200-day lines, with slightly lower volume activity.
- The digital asset is presently trying to suppress its vital DMA lines and holding its 100 and 200-day lines.
- The pair of DOGE/BTC is trading at 0.000003868 BTC with an intraday gain of +1.02%, and the ratio of DOGE/ETH is CMP at 0.0000595 ETH with a 24-hour change of -5.98%.
Dogecoin price over the monthly chart is trying to sustain above its all vital moving averages of 20, 50, 100, and 200-day lines. Meanwhile, volume activity over the chart is slightly lower and needs to grow strongly. Similarly, the sustainability above its vital DMA lines with supportive volume activity will boost more upside in upcoming trading sessions.
Once the crypto asset jumps above its vital DMA lines, supportive volume activity will create the next lap of bullish move till $0.32 to $0.36. Support on the lower side is $0.2250 and $0.1945, whereas resistance on the higher side is $0.2720 and $0.3260.
Dogecoin price is trading under the bullish chart pattern while creating higher highs and lows
Dogecoin price at the weekly chart is trading under the bullish chart pattern while creating higher highs and lows. Meanwhile, the technical parameters are slightly neutral, with a slight recovery from lower levels. Volume over the chart slightly increases and needs more growth for a continuation of the pattern. DOGE price is trading at $0.2573 with an intraday gain of +2.34%, and the volume to market cap ratio is 0.06616.
Relative Strength Index (BULLISH): Dogecoin price RSI is heading towards the overbought zone after a good recovery from the lower levels. In contrast, the coin trades on a higher note and projects slight caution with longs and RSI at 56.
Dogecoin Forecast and DOGE/USD Analysis October 21, 2021
DOGE/USD are traded at 0.2554 and continue to move within the correction and the bullish channel. Moving averages indicate a short-term bullish trend for Dogecoin. Prices went up from the area between the signal lines, which indicates pressure from buyers of the asset and a potential continuation of the rise from the current levels. At the moment, we should expect an attempt to develop a correction in the value of a digital asset and a test of the support level near the 0.2425 area. Where can we expect a rebound again and a continuation of the rise in the Dogecoin rate with a potential target above the level of 0.3155.
Dogecoin Forecast and DOGE/USD Analysis October 21, 2021
In favor of the growth of the DOGE/USD quotes, a test of the trend line on the relative strength index (RSI) will come out. The second signal will be a rebound from the lower border of the bullish channel. Cancellation of the coin growth option will be a fall in the value of the asset and a breakdown of the 0.2175 area. This will indicate a breakdown of the support area and a continued fall in the cryptocurrency rate with a potential target below the level of 0.1845. With the breakdown of the resistance area and closing of quotations above the level of 0.2845, we should expect confirmation of the development of a bullish trend in Dogecoin.
Dogecoin Forecast and DOGE/USD Analysis October 21, 2021 therefore imply an attempt to correct and test the support area near the 0.2425 level. Where can we expect a rebound and continued growth in DOGE/USD to the area above the level of 0.3155. An additional signal in favor of raising Dogecoin will be a test of the trend line on the relative strength index (RSI). Cancellation of the growth option will be a fall and a breakdown of the 0.2175 area. This will indicate a continued decline in cryptocurrency with a target below the level of 0.1845.
Three critical reasons why Dogecoin price will easily quadruple
- Dogecoin price is creating a massive fractal that hints at a 361% breakout move incoming soon.
- DOGE has already breached a crucial resistance level, suggesting the start of a bull rally.
- A breakdown of the $0.16 support floor will put the altcoin in jeopardy and on a path to invalidating the bullish thesis.
Dogecoin price might seem in a lull, as DOGE-killers like Shiba Inu and other meme coins are hogging the spotlight – nor has the dog-themed cryptocurrency’s own lacklustre performance helped its cause, but things are set to change as a multi-month consolidation now promises a stunning breakout.
Dogecoin price screams bullish every way you look at it
Dogecoin price shows three possible outcomes, all of which are bullish. The first sees DOGE slicing through the support area ranging from $0.213 to $0.230. This move, albeit bearish in the short-term, would lead to a retest of $0.195, where Dogecoin price can form a double bottom and kick-start a new uptrend to $0.30 or $0.352.
DOGE/USDT 1-day chart
The second outcome is for Dogecoin price to shatter the $0.195 support floor. This move would lead to a 35% drop from the current position, knocking the meme-themed cryptocurrency down to a stable support floor at $0.160.
While this might appear bearish, it would create a triple-top setup, aka bottom reversal pattern. This pattern would allow retail investors to purchase DOGE at a discount, pushing DOGE to retest the intermediate resistance levels at $0.424 or near the all-time high levels around $0.680. Either way, bottom reversal patterns are often seen in the cryptocurrency space and are one of the reasons why Bitcoin price kick-started its massive recovery rally after crashing to $28,000.
DOGE/USDT 1-day chart
DOGE fractal forecasts an eye-popping rally
The third outcome is for Dogecoin price to form a fractal – a formation that often develops after an extended run-up.
From early July 2020 to early January 2021, DOGE formed a rounding bottom pattern, which led to a breakout and a 1,435% ascent.
This run-up pushed the Dogecoin price from $0.0057 to $0.088. After reaching a new all-time high in early 2021, the dog-themed cryptocurrency slid into consolidation for more than two months, creating a descending triangle.
A breakout from this setup triggered another exponential leg-up that propelled the Dogecoin price by 1,102% to a new all-time high at $0.740. Since this new high, the meme coin has been coiling up, creating four lower highs and three equal lows.
Connecting these swing points using trend lines shows the formation of a descending triangle. This pattern forecasts a 363% ascent to $1.086, obtained by adding the distance between the first swing high and the horizontal support to the breakout point.
While the Dogecoin price has broken out of this setup, investors need to wait for a higher high above $0.36 to confirm the start of a new uptrend.
Either way, this technical formation is hinting at the start of a new leg-up that will quadruple the market value of DOGE soon.
DOGE/USDT 1-day chart
While things are looking good for Dogecoin price in three possible outcomes, a breakdown of the $0.16 barrier could prove fatal for the altcoin. This move will knock DOGE down to $0.121, a breakdown of which will invalidate the bullish thesis and catalyze a 30% crash to the $0.09 support level.