Forget Bitcoin and Ethereum – Merchants Pour Money into Coin “Dogs”

Key factors

• The crypto market is experiencing renewed interest in “dog-related” coins.
• Assets like Shiba Inu, Floki Inu, Samoyedcoin and Dogecoin have skyrocketed in the past few days.
• Dogecoin is up over 40% in the last 10 hours and is likely to climb to $ 0.47.

Dogecoin resumed its upward trend when it broke through a major resistance level. If buy orders continue to rise, DOGE could participate in a bullish 64% rally.

Coin-operated dog season

The crypto market appears to have entered its second coin dog season.

Several dog-related tokens have skyrocketed following Shiba Inu’s significant rise this week. Dogecoin’s competitor is on the rise later this month, hitting an all-time high today and advancing into the top 10 cryptocurrencies by market capitalization. Many other similar coins like Floki Inu and Samoyedcoin are also in the green as interest in meme tokens grows.

Samoyedcoin is one of the biggest winners: it’s up 115% overnight, up 815% in the past two weeks.

Now that the juniors have skyrocketed, it looks like Dogecoin is about to explode.

The ninth largest coin by market capitalization has seen an extended period of stagnation and now appears poised to hit higher highs after breaking a major resistance level. DOGE has been trading within a symmetrical triangle since June 3rd, but a fresh bullish impulse has allowed it to break above this consolidation. Further buying pressure could help Dogecoin rise more than 64% to $ 0.47.

Daily DOGE / USDT Chart | Source: TradingView

This optimistic outlook is determined by projecting the height of the pattern onto the breakout point.

Although Shiba Inu led the recent wave of coin dogs after rallying 1,140 percent to hit an all-time high, it seems that investors are now turning their attention to Dogecoin and want it to go the same way.

As the number of transactions worth more than $ 100,000 on the network shows, the number of transactions has increased significantly in the past four days. There are currently around 3,500 large transactions being made on the network, up 162.4% since October 23.

The increase in on-chain activity suggests that institutional actors and whales are starting to take control of price movements. If this metric continues to make higher highs, the odds are likely in the bulls’ favor, meaning DOGE could hit its $ 0.47 target as detailed above.

The source: IntoTheBlock

It should be noted that DOGE must close the daily candle above $ 0.28 for the bullish outlook to prevail. Failure to hold above this support area could result in a sharp correction for Dogecoin as $ 0.21 is the main support area below it.

You can see the DOGE prices here.

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Disclaimer: This article is for informational purposes only, not investment advice. Investors should research carefully before making a decision. We are not responsible for your investment decisions.

SN_Nour

According to crypto briefing

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