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DOGE Breaks Out Of $0.29 Resistance To Put In Double-Bottom, Moon Times Ahead Says PrimeXBT Analyst Kim Chua

Tue, 08/17/2021 - 09:00
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Kim Chua
A PrimeXBT analyst says nothing can prevent Dogecoin from spiking to $0.43
DOGE Breaks Out Of $0.29 Resistance To Put In Double-Bottom, Moon Times Ahead Says PrimeXBT Analyst Kim Chua
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Post consolidating for about a week after its initial burst from $0.19 to $0.29, DOGE has just managed to turn the $0.29 level resistance into support and in the midst of it, also printed a double-bottom breakout. 

There is nothing to stop DOGE from rising to the $0.43 double-bottom target as the immediate small resistance at $0.335 is being taken out. DOGE has become the fan favourite for the more casual cryptocurrency user, and has been a gateway for people into the space. But its drop in price through the short bearish market saw its price plummet.

However, the news-flow is good, with the latest being English Premier League soccer club Watford FC to put the DOGE logo onto their jersey sleeves for the 2021-22 season. This could expose DOGE to a potential TV audience of around 4.7 billion people out of 643 million homes in 212 countries. We could even see DOGE rise past $0.43 and head higher in the days ahead, expects PrimeXBT Analyst Kim Chua.

In every past bull market cycle, DOGE has always been a leader of the altcoins - DOGE was always one of the first altcoins to move ahead of the others. This year started the same way, with DOGE rising phenomenally in Jan to kickstart a bullish Q1’21 for altcoins. 

It was the same situation in July last year after which DeFi Summer took off. And it was the same back in 2017 and even in 2014. Hence, DOGE managing to shoot higher is a good sign for the overall market. People need to pay more attention to DOGE.

 It is more than just a meme coin and certainly not a joke. And then you still have the DOGE-1 mission coming in Jan 2022, the fee reduction upgrade and ETH-bridge on the way. Moon days ahead.

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About the author

Kim Chua is an institutional trading specialist with a track record of success that extends across leading banks including Deutsche Bank, China Merchants Bank, and more. Chua later launched a hedge fund that consistently achieved triple-digit returns for seven years. Chua is also an educator at heart who developed her own proprietary trading curriculum to pass her knowledge down to a new generation of analysts. Kim Chua actively follows both traditional and cryptocurrency markets closely and is eager to find future investment and trading opportunities as the two vastly different asset classes begin to converge.

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