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Dogecoin

Dogecoin price aims higher, but upside appears to be limited

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  • Dogecoin price is grappling with the $0.213 crucial resistance level.
  • A breach of this barrier might lead to a 20% upswing to $0.255.
  • However, if DOGE bulls fail to defend $0.168, it will invalidate the bullish thesis.

Dogecoin price is currently tussling with a vital resistance level, a breach of which will open the path for more gains. However, the upside seems to be limited due to the presence of a massive supply zone.

Dogecoin price contemplates a breakout

Dogecoin price has set up three lower highs since June 25, indicating a waning bullish momentum. Drawing a trend line along these swing points shows a declining resistance level that DOGE is currently tagging.

Interestingly, the resistance level at $0.213 coincides with the supply barrier mentioned above. Therefore, a decisive 9-hour candlestick close above this confluence will signal the presence of bulls and open up the path for further upside.

However, investors should note that Dogecoin price is likely to rally 20% to tag the supply zone’ ranging from $0.255 to $0.290.

In some cases, this upswing might retest the $0.273 resistance level, which would constitute a 30% rally from $0.213.

DOGE/USDT 9-hour chart

DOGE/USDT 9-hour chart

Conversely, if DOGE bulls fail to push through the declining trend line and the horizontal resistance level at $0.213, a retracement will likely ensue.

The support barriers at $0.187 and $0.182 are the most likely candidates that might end the correction. However, if the selling pressure persists, Dogecoin price will tag $0.168.

While a reversal from this area is likely, market participants should note that a breakdown of the said demand barrier will invalidate the upswing and potentially trigger a downswing to $0.157.

 

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Market & Analysis

Altcoins and DeFi tokens push higher as Bitcoin price falters at $40K

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Bitcoin (BTC) price has recovered from its recent $37,500 low and the digital asset’s run back toward the $40,000 mark spurred bullish activity from many altcoins. 

Data from Cointelegraph Markets Pro and TradingView shows that the top gainers over the past 24-hours are XYO Network (XYO), Saffron Finance (SFI) and Quant (QNT).

Top 7 coins with the highest 24-hour price change. Source: Cointelegraph Markets Pro

XYO/USD

In the past 24-hours, XYO Network, a location-based data network that uses blockchain to track and record location information, rallied by 72%.

VORTECS™ data from Cointelegraph Markets Pro began to detect a bullish outlook for XYO on Aug. 2, prior to the recent price rise.

The VORTECS™ Score, exclusive to Cointelegraph, is an algorithmic comparison of historic and current market conditions derived from a combination of data points including market sentiment, trading volume, recent price movements and Twitter activity.

VORTECS™ Score (green) vs. XYO price. Source: Cointelegraph Markets Pro

As seen in the chart above, the VORTECS™ Score for XYO began to register in the green on Aug. 1 and climbed to a high of 71 on Aug. 2, around 22 hours before its price increased 72 percent.

The growth seen in XYO comes on the heels of a teaser announcement that the developers are working on a “big change to improve how minting works.”

SFI/USD

Saffron.finance, also broke out with a 20% gain, a trend seen among many DeFi tokens today.

VORTECS™ Score (green) vs. SFI price. Source: Cointelegraph Markets Pro

As seen on the chart above, the VORTECS™ Score elevated into the green zone and reached a high of 75 on Aug. 1, around 55 hours before its price increased 20% over the next day.

Excitement for the project has been building over the past week as community members prepare for the release of Saffron v2 which will offer perpetual SFI staking and an expansion of price protection.

Related: Bitcoin hits $39K highs as SEC Chair comments give BTC price 2% boost

QUANT/USD

Quant (QNT), an interoperability-focused project designed to help enterprises integrate and operate distributed ledger technology, also rallied today, and data from Cointelegraph Markets Pro, market conditions forQNT have been favorable for some time. 

VORTECS™ Score (green) vs. QNT price. Source: Cointelegraph Markets Pro

As seen in the chart above, the VORTECS™ Score for QNT has been in the green for the majority of the past week and reached a high of 79 on Aug. 3, just seven hours before its price increased 25%.

Bullish momentum for QNT has been in an upswing since the July 30 announcement that the token would be listed on the Binance exchange, a development which was registered by the NewsQuakes™ alert system on July 28 and again on July 30.

The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph.com. Every investment and trading move involves risk, you should conduct your own research when making a decision.