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- 1 DOGE proponents will soon travel to Sakura, Japan to meet Kabosu, the Dogecoin Dog.
- 2 The trip is courtesy of Own the Doge and Doge DAO.
- 3 DOGE runs up by 6.56% intraday.
DOGE witnessed a price rally after Doge DAO announced a holy pilgrimage to meet Kabosu, the doge-dog that inspired meme-coins. The trip is organized by Own the Doge, a Doge-oriented NFT community backed by Doge DAO. Doge DAO is a doge-focused decentralized autonomous organization (DAO). After the announcement was made, DOGE rallied. The trip is scheduled for the first week of May.
The Pictorial
DOGE price formed a sharp surge after the announcement of the trip. The volume saw increased buying-action and a flush of positive emotions among investors. The EMA ribbon shows a possibility of forming a golden cross soon, which may further amplify the bullish momentum. The rise of the On-Balance Volume (OBV) suggests the current market situation favors DOGE.
The Fib retracement levels shows that the price reclaims the trendline, but also breaks out of the first level. The rally may continue and face resistance near $0.08570, after which it may consolidate temporarily. The target of $0.1000 is achievable near the time of the trip and can even mark a new high of 2023.
The CMF rises above the baseline to mark the initial stage of bullish swing, and hints at a long-term impact on DOGE price. The MACD forms a positive cross and starts to record ascending buyer bars. The RSI spikes to the half line, hinting at the possibility of rising buyer dominance.
The Peephole
The smaller time-frame shows a strong bullish swing in DOGE price, as it forms an upward trend. The CMF escalates to higher levels and suggests bulls may be gaining dominance. The MACD keeps oscillating from buyer to sellers, but forms a bleak positive outlook. The RSI rises to the ceiling range to show bullish influence on the price action which is causing a rally. The indicators give a green signal to market bulls, and make the $0.100 target look achievable.
Conclusion
A DOGE-dedicated pilgrimage bolsters the meme-coin’s price and pushes it to from a rally. The market shows positive sentiments among the investors and can help the bulls sustain the momentum. A stronger surge is predicted near the time of trip, where it may mark a new high for 2023. DOGE holders can trust the support near $0.657, and trace the rally.
Technical levels
Support levels: $0.0657 and $0.0625
Resistance levels: $0.0857 and $0.1000
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational purposes only, and they do not establish financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.
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