After consolidating for about a week after its initial burst of $0.19 to $0.29, the DOGE managed to turn the $0.29 resistance level into support and, in the middle of that, also broke the double bottom.
There is nothing to stop the DOGE from moving up towards the $0.43 double-bottom target as the small immediate resistance of $0.335 is being withdrawn. DOGE has become a fan favorite for the more casual cryptocurrency user and has been a gateway for people into space. But its drop in price through the bear market saw its price plummet.
However, the flow of news is good, with the latest being Watford FC, the English Premier League football club, which has put the DOGE logo on the sleeves of their shirts for the 2021-22 season. This could expose DOGE to a potential TV audience of about 4.7 billion people in 643 million homes in 212 countries. We could even see the DOGE rise above $0.43 and rise further in the coming days, expects Kim Chua, analyst at PrimeXBT.
In all the past bull market cycles, DOGE has always been an altcoin leader, DOGE has always been one of the first altcoins to move ahead of the others. This year started the same way, with DOGE growing phenomenally in January to kick-start the high in the first quarter of 2021 for altcoins.
It’s more than just a meme coin and it’s certainly not a joke. And then you still have the DOGE-1 mission arriving in January 2022, the fee reduction update and the ETH bridge on the way. Lunar days ahead.
About Kim Chua, Market Analyst at PrimeXBT:
Kim Chua is an institutional trading specialist with a successful track record that spans major banks including Deutsche Bank, China Merchants Bank and others. Over time, Chua launched a hedge fund that consistently delivered triple-digit returns for seven years. Chua is also an educator at heart who developed her own trading curriculum to pass her knowledge on to a new generation of analysts. Kim Chua closely follows the traditional and cryptocurrency markets and is eager to find future investment and trading opportunities as the two very different asset classes begin to converge.
