Bulls Push For A Break Above $0.064

Discussions in the Dogecoin (DOGE) community are shaping around X, formerly Twitter, as the company pushes the microblogging platform toward becoming the “Everything app.” Musk’s longstanding connection to the meme coin project has many enthusiasts speculating that DOGE could be at the center of X’s dream to power payments among other things.

A video featuring, Linda Yaccarino, X’s CEO on Friday outlined the potential features on the platform, ranging from messaging, community discussions, and supporting calls to powering payments for online purchases and the transfer of money, just to mention a few.

Musk’s love for certain crypto projects including Dogecoin and Bitcoin has seen enthusiasts wait with bated breath on the next direction X will take. Despite the speculations neither Musk nor Yaccarino have said anything to insinuate X will add support for crypto payments.

Decoding Dogecoin Price Bullish Fractal

Like Bitcoin, Dogecoin price continues to exhibit stability, especially in September. According to a report by CoinDesk, currently, DOGE is more stable than the most prominent crypto with an annualized 30-day realized volatility of 30% compared to BTC’s 35%.

Realized volatility, also referred to as historical volatility, is measured as the standard deviation of the percentage change daily in the price of an asset over a specified period.

This revelation is intriguing because Dogecoin has historically been more volatile compared to Bitcoin, considering the latter is a more mature asset. On the other hand, Dogecoin ushered in the era of meme coins and has often been seen as a non-serious crypto project in existence since 2013.

Nevertheless, this new-found stability is not an indication that Dogecoin is a better digital asset than Bitcoin. Investors may be taking a back seat until the crypto market starts trending again.

The daily chart shows Dogecoin price trading within a narrow range between support at $0.06 and resistance at $0.064. If neither bulls nor bears budge from these key areas, the sideways trading trend will hold.

A bullish fractal is likely to play out based on the daily chart if bulls uphold support at $0.06. A careful examination of Dogecoin price performance reveals the formation of bearish and bullish fractals, hinting at the next leg up.

The bullish fractal in conjunction with a buy signal from the Moving Average Convergence Divergence (MACD) indicators reveals that buyers may control over next direction DOGE takes. Some traders may want to wait until DOGE breaks above $0.064 resistance to confirm the uptrend targeting $0.07 and $0.08 in the short term.

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John is a renowned crypto analyst and journalist, providing expert insights into both broad and focused aspects of the digital asset market. As a steadfast reporter, he keeps his audience updated with the latest news in the crypto sphere, delving into topics such as price trends, on-chain data analytics, Non-Fungible Tokens (NFTs), Decentralized Finance (DeFi), Centralized Finance (CeFi), and the ever-evolving metaverse.

The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.