{"id":40761,"date":"2023-07-26T12:41:20","date_gmt":"2023-07-26T16:41:20","guid":{"rendered":"https:\/\/ifintechworld.com\/markets\/crypto\/dogecoin-pulls-back-as-these-indicators-signal-conditions-overbought-but-heres-why-the-doge-outlook-remains-strong\/"},"modified":"2023-07-26T12:41:21","modified_gmt":"2023-07-26T16:41:21","slug":"dogecoin-pulls-back-as-these-indicators-signal-conditions-overbought-but-heres-why-the-doge-outlook-remains-strong","status":"publish","type":"post","link":"https:\/\/ifintechworld.com\/?p=40761","title":{"rendered":"Dogecoin Pulls Back as These Indicators Signal Conditions Overbought \u2013 But Here\u2019s Why the DOGE Outlook Remains Strong"},"content":{"rendered":"
\n

After surging more than 10% on Tuesday, its biggest one-day gains since early April, Dogecoin (DOGE) has succumbed to profit-taking on Wednesday and was last trading around 3.5% lower.<\/p>\n

Dogecoin hit its highest level since April on Tuesday around $0.084 as traders bid the meme coin up on hopes it will be integrated as a payment tool into Elon Musk\u2019s X platform, which the precocious billionaire just rebranded from Twitter.<\/p>\n

But DOGE has since pulled back to just under $0.08 after a few short-term technical indicators began to flash that conditions had become overbought.<\/p>\n

Firstly, DOGE\u2019s 14-Day Relative Strength Index (RSI) jumped above 70 on Tuesday, signifying the market had entered overbought territory.<\/p>\n

The last time Dogecoin\u2019s RSI went above 70 back in April, this was the trigger for significant profit-taking and a quick market reversal.<\/p>\n

Meanwhile, Dogecoin\u2019s latest jump saw it break to the north of its 20-Day Bollinger Bands \u2013 i.e. meaning that the price had jumped two standard deviations above its 20-Day Moving Average, which is only expected to occur 5% or less of the time.<\/p>\n

Traders often interpret a Bollinger Band breakout as a sign the market has gone too far.<\/p>\n

In wake of the signal from these two indicators, it shouldn\u2019t be too surprising to see that DOGE is suffering amid elevated profit taking.<\/p>\n

Here\u2019s Why the Dogecoin (DOGE) Outlook Remains Strong<\/strong><\/h2>\n

Despite Wednesday\u2019s downside, the Dogecoin outlook remains strong.<\/p>\n

From a fundamental standpoint, hype surrounding Twitter\u2019s rebranding to X may continue to act as a tailwind, given many expect Musk to integrate Dogecoin into a future payments platform, which should bolster demand for the coin.<\/p>\n

Indeed, traders appear to be buying the intra-day dip aggressively, with Dogecoin futures margin funding rates having just jumped to their highest level in around 10 days, as per CoinGlass.com.<\/p>\n

Dogecoin is also looking strong from a technical standpoint.<\/p>\n

Dogecoin\u2019s surge this week has seen the cryptocurrency break to the north of two key resistance levels.<\/p>\n

These include 1) a downtrend from the 2021 record highs and 2) the 200-Day Moving Average.<\/p>\n

While a break above the 200DMA is always a good sign of a positive shift in near-term price momentum, the more important breakout is the move above the downtrend from the 2021 record highs.<\/p>\n

This sends a signal that Dogecoin\u2019s more than 2-year bear market may finally be coming to an end.<\/p>\n

The most obvious bullish target is now a retest of 2023\u2019s highs in the $0.10 area, which could mark quick gains in the region of 20% for investors who get in now.<\/p>\n

But why stop at 20%.<\/p>\n

If Dogecoin is going to find itself as an important part of a future X payments system, then a retest of last October\u2019s highs in the $0.16 area is a decent possibility, which would mark gains of nearly 100% from current levels.<\/p>\n

Alternative Coin to Consider – BTC20 (BTC20)<\/strong><\/h2>\n

Billed as \u201cBitcoin on Ethereum’ and as an opportunity for members of the cryptocurrency community to purchase bitcoin at its 2011 price of $1, a new token called\u00a0BTC20\u00a0has been garnering a lot of hype.<\/p>\n

The tokenomics are designed to mimic bitcoin \u2013 a 21 million BTC20 token supply cap, with tokens to be released to BTC20 stakers (rather than miners) according to the exact same issuance schedule as bitcoin.<\/p>\n

Some are claiming BTC20 is even better than bitcoin, given it runs on an ecofriendly, low energy consuming Proof-of-Stake Ethereum blockchain, rather than on an energy-guzzling Proof-of-Work chain like bitcoin.<\/p>\n

As per the project\u2019s\u00a0whitepaper, BTC20 is looking to raise a minimum of $3 million, though this could rise to $6 million, via the sale of BTC20 tokens for $1 each.<\/p>\n

With the project having already raised over $2.6 million in just a few days, traders need to move quickly to secure their spot.<\/p>\n

Buy BTC20 Here<\/strong><\/p>\n

Disclaimer: Crypto is a high-risk asset class. This article is provided for informational purposes and does not constitute investment advice. You could lose all of your capital.<\/sup><\/i><\/p>\n<\/p><\/div>\n

Read the full article here<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

After surging more than 10% on Tuesday, its biggest one-day gains since early April, Dogecoin (DOGE) has succumbed to profit-taking on Wednesday and was last trading around 3.5% lower. Dogecoin hit its highest level since April on Tuesday around $0.084 as traders bid the meme coin up on hopes it will be integrated as a […]<\/p>\n","protected":false},"author":1,"featured_media":40762,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[243],"tags":[83],"class_list":["post-40761","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-crypto","tag-featured"],"yoast_head":"\nDogecoin Pulls Back as These Indicators Signal Conditions Overbought \u2013 But Here\u2019s Why the DOGE Outlook Remains Strong | iFintechWorld<\/title>\n<meta name=\"description\" content=\"After surging more than 10% on Tuesday, its biggest one-day gains since early April, Dogecoin (DOGE) has succumbed to profit-taking on Wednesday and was\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link 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