doecoin DOGO/USD traded 3% higher during the 24-hour trading session on Thursday along with Bitcoin USD/BTC Y Ethereal EUR/USDwhich traded at 3.6% and 3.8%, respectively.
The cryptocurrency sector, like the broader market, is receiving a bullish push after reacting positively to the consumer price index. data released on Wednesday, showing that inflation may have peaked. The news makes traders and investors hopeful that the Federal Reserve may ease interest rate hikes by an additional 0.75% in September, after raising rates by that amount in both June and July.
Positive sentiment may also be returning to the markets as the summer draws to a close and traders and investors anticipate higher trading volumes across sectors as more market participants return from their stock market holidays.
Dogecoin, which once received a huge amount of free advertising of celebrities and influencers, from the bassist of Kiss Gene Simmons to the billionaires tesla inc TSLA CEO Elon Musk and the owner of Dallas Maverick cuban frame, has fallen from fame in recent months. However, a general surge in Dogecoin trading volume recently may indicate that positive sentiment is returning to crypto, which could eventually free Dogecoin from the doghouse and regain its celebrity status.
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The Dogecoin chart: Dogecoin has been trading mostly sideways between roughly 5 cents and the $0.075 mark since June 9. As of June 18, the crypto has been finding support on an ascending trend line on the daily chart, which has helped Dogecoin make a fairly consistent series of higher values. lows, although the crypto is not trading in a true uptrend due to the lack of higher highs.
- During the trading session on Thursday, Dogecoin was able to appear above the most recent high of $0.074, indicating that a new uptrend may start. Price action may also have confirmed a breakout of a symmetrical triangle, which could indicate a larger move higher is on the horizon, but traders will want to see a surge in volume later on Thursday to confirm this.
- Ideally, bullish traders and investors want to see Dogecoin break above the $0.075 level, which acts as a strong resistance. The crypto has room to appear above the level because the Dogecoin Relative Strength Index has yet to extend, measuring around 59%.
- Bearish traders want to see Dogecoin continue to reject the $0.075 level, which could push the crypto back below the upper descending trend line of the triangle. If that happens, the trend line could continue to push the crypto lower.
- Dogecoin has resistance above $0.075 to $0.083 and just below the 10 cent level. There is support below at $0.065 and $0.057.
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