Crypto traders are looking at Dogecoin (DOGE) again — Here is why
Cointelegraph
20 Nov 2023 8:30 PM
Dogecoin’s year-to-date price performance leaves much to be desired, but a key DOGE price indicator could be a sign of what’s coming. ...
- Memecoins going parabolic is often a signal of a market top and investor euphoria peaking.
- Examples of previous speculative frenzies include Dogecoin, Shiba Inu, and NFT prices.
- Despite only a 13.6% gain for the year, Dogecoin's 33.2% gain in the last month has caught analysts' attention.
- The parabolic SAR indicator suggests a potential rally for Dogecoin, as it has previously been followed by a 23,000% increase.
- Traders are also looking at Dogecoin's Fibonacci levels, with $0.12 and $0.23 identified as medium-term targets.
- Trading volumes and open interest for Dogecoin have reached significant highs recently.
The article provides a cautionary perspective on the recent surge in Dogecoin's price, highlighting the potential risks associated with memecoins going parabolic. However, it also acknowledges the attention and interest from traders.
You May Ask
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