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DOGE Dogecoin's technical aspects release a strong bullish signal
Dogecoin is trying to get out of the predicament. A much-watched chart analyst believes that the current technical form is extremely strong.
analyst Ali Charts said on Monday that DOGE's move was "extremely bullish" and pointed out that the TD Sequential indicator flashed buy signals on monthly, weekly, three-day and daily charts at the same time. TD Sequential is a popular technical indicator that counts price bars to estimate when a trend may collapse and reverse; a buy signal means selling pressure is weakening. "It's rare for so many time-cycle levels to appear at the same time," he wrote-which means both short-term and long-term charts are signaling at the same time.
He is also paying attention to specific price levels. As DOGE approached $0.072, he cited on-chain supply data-the price distribution chart of the last time a large number of DOGE bought, which often constituted resistance-and pointed out that $0.081 was the first major resistance level, the ceiling where selling pressure usually increased. He said a breakthrough could open the channel for a rise to $0.177, the next "supply area" where a large number of holders buy and may choose to sell at breakeven prices.
In a report two days ago, he pointed to support near $0.056-the bottom where buyers typically enter-and broader upside to $0.16, while the top of his price channel was close to $0.45.
What is dogcoin and how it was born
Dogecoin was launched on December 6, 2013 by software engineers Billy Markus and Jackson Palmer, who created it as a satire of the rapid proliferation of cryptocurrencies at the time. Its name and mascot are derived from the "Doge" emoji, which is based on a 2010 photo of a Shiba Inu named Kabosu. Markus uses Litecoin's codebase and writes software through an intermediate project called Luckycoin, so Dogcoin runs on a proof-of-work system that belongs to the same system as Bitcoin.
It differs from Bitcoin in a key way: there is no maximum supply. Miners receive approximately 10,000 new DOGE coins every minute, and approximately 5 billion new coins are added to circulation every year, making the token inherently inflationary. Although initially just a joke, Dogecoin developed an active community known for online rewards and charity activities, and later received public support from Tesla CEO Elon Musk on many occasions. The token reached an all-time high of $0.7376 on May 8, 2021, and remains one of the largest cryptocurrencies by market capitalisation.
