Dogecoin jumped 12% from Friday's lows to a two-week high of $0.094 in a rare Saturday-evening rally, after slipping earlier in the week on a jobs report seen as bearish for risk-on assets. Analysts pointed to the rebound off key support as a sign the token has reclaimed a key resistance level.
Dogecoin jumped to $0.094 on Saturday evening, its highest level in two weeks, in a move unusual for the token's typically calm weekend trading. The largest meme coin by market cap has since eased back to $0.09 as of press time.
CryptoPotato had outlined three technical signals pointing to a possible breakout, including the TD Sequential indicator. The rally did not arrive immediately, though: Dogecoin was rejected at $0.088 and slipped to $0.084 as the broader crypto market sold off following a strong US jobs report, seen as bearish for risk-on assets.
Sentiment turned Saturday evening, when Dogecoin gained 12% from its low to the two-week high. Analyst CW noted the token had reached its first major sell wall, calling it too solid to break for now, though he said the next such wall sits at $0.14 if it does give way.
Fellow analyst Alex Marzell said Dogecoin did "exactly what it needed to", rebounding from Friday's lows to reclaim a key resistance level. He pointed to the bounce off the $0.083 base as evidence that old resistance has turned into new support, with $0.095 as the next level in view if $0.088 holds.
Source: CryptoPotato
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