Dogecoin Technical Analysis: Institutional Interest and Technical Leap
Bit Origin, which is listed on NASDAQ, drew attention of DOGE investors when it launched a $500M Dogecoin treasury strategy earlier today. The company has signaled a major investment in DOGE with $400 million in shareholder capital and $100M in convertible debt. Now, let’s take a look at why this company has decided to invest in DOGE, where we stand technically, and what could happen next after this investment plan.
Looking at DOGE chart on the daily timeframe, we see that the price has been moving upwards after the support it got from the strong zone of $0.145–$0.160. When we analyze the cup-handle pattern on the chart, we can say that the uptrend is just beginning. We see a horizontal consolidation around the level of $0.21 recently, but the price must break above the price zone $0.26–$0.27 to complete the formation mentioned above.In the event that this pattern is complete, DOGE can technically surge to the level of $0.50–$0.52. This scenario also gets support from the idea that the price is trading above MA200 and middle-term downtrend.
These analyses, not offering any kind of investment advice, focus on support and resistance levels considered to offer trading opportunities in the short and medium term according to the market conditions. However, the user is responsible for their own actions and risk management. Moreover, it is highly recommended to use stop loss (SL) during trades.