The Dogecoin price (DOGE) recovered the bar of $ 0.17 after a rally of 6% of the day. This positive development is the result of China announcing that it is open to negotiating a trade agreement with the United States in Switzerland this weekend.
Dogecoin is about to catalyze an escape from the pattern of ditch. In addition, the Haussiers de Doge tail winds, such as the rise in open interests from Dogecoin and the risks of short liquidation, support the chances of an $ 0.20 escape this week.
Dogecoin price jump teases the rallying rally
Dogecoin tries to see a sudden turnaround after having created a 24 -hour hollow almost $ 0.1641. However, with a V -shaped reversal, Dogecoin makes a bullish return.
Trapped in a corner diagram falling in the 4 -hour board, Dogecoin makes a positive turnaround in the model. The model has been formed in the past two weeks as the DOGE price trend is contracting.
Swing stockings, from April 2022, build the lower limit line and bullish peaks on April 26 and May 2 generate the resistance trend line.
Currently, Dogecoin shows an upward struggle to overcome the 200 EMA line near the Fibonacci level of 61.80% to $ 0.1729. With a higher price rejection, Dogecoin is struggling to make its fourth consecutive optimistic candle.
Nevertheless, the positive cycle started in the following corner model, referring to a potential remedy of the aerial ceiling. Sudden recovery limited the chances of a death's cross event between the EMA 50 and 200 lines.
In addition, the MacD and signal lines have given a positive crossing, referring to a trend reversal. THE Dogecoin price prediction Decrease in bankruptcy provides for a leap to the psychological brand of $ 0.20.
In particular, growing growing feelings around Dogecoin could prolong the upward trend. Fibonacci levels comb the next potential price target at $ 0.2299 and $ 0.2673.
The American-Chinese commercial competition and post-FOMC clarity could insert the prices of the DOGE
THE US to come from China on Sunday Renegotiate commercial transactions and high prices have stimulated feeling in the American markets. This fueled the recovery race in upper altcoins, fueling the Memecoin rally.
If counterparts can renegotiate commercial terms, a recovery in the global and cryptographic markets is possible. This could pump Dogecoin beyond the $ 0.20 brand. In addition, the wider market provides for the FOMC meeting on May 7 to maintain the unchanged federal prices.
This will likely lead to short -term volatility peaks on the cryptography market. However, once the market has regained clarity, Dogecoin could resume strength.
Dogeos finance the bullish feeling
Recently, Dogeos won Funding of $ 6.9 million of Polychain. With the recent funding of the Dogeos, the feeling around the medal of the same increases.
Historically, Dogecoin price trends reflect short -term peaks align with sentimental overvoltages. Therefore, this recent funding could help Dogecoin reach the brand of $ 0.20.
Short liquidation risks and Dogecoin increases increase
While Dogecoin is gradually winning, the derivative market is increasingly optimistic about the memes piece. THE Open Doge increased by 1.45% to $ 1.69 billion. This reflects the increased interest of merchants for Dogecoin.
In addition, the open interest has increased to 0.0071%, reporting an increase in bullish feelings. As the bulls gradually dominate the domain of derivatives, the risk of short liquidation grows in Dogecoin.
According to the liquidation card of the DOGE exchange, the same part could witness a a short massive liquidation $ 10.96 million if Dogecoin reached $ 0.1755. This could pump the price of Dogecoin and increase the risk of liquidation of $ 13.65 million to $ 0.1761.
Frequently asked questions (FAQ)
The factors include the optimism of discussions on trade in the United States, the financing of Dogeos, a technical escape configuration and an open interest in the derivative market.
Dogecoin shows solid technical indicators such as a break from ditch and a positive MacD crossing, which support a potential rally to $ 0.20, in particular with an improved market feeling.
DOGE could trigger short liquidations worth $ 10.96 million to $ 0.1755 and $ 13.65 million to $ 0.1761, which could still feed a bull rally.
Coingape staff
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Warning: The content presented may include the author's personal opinion and is subject to the market state. Do your market studies before investing in cryptocurrencies. The author or publication does not hold any responsibility for your personal financial loss.
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