Is It Too Late to Buy Dogecoin? DOGE Up 9%, SpongeV2 Poised for Explosive 100x Growth

cryptonews.com:

Dogecoin, the leading cryptocurrency in the meme coin market, has captivated investors, especially those driven by the fear of missing out (FOMO), with a remarkable 9% surge in its price.

This article will provide an analysis of DOGE’s current price trends and look to see whether a newer meme coin, Sponge V2, represents a more promising investment opportunity at this time.

The price action of #Dogecoin is showing familiar patterns reminiscent of its 2020 behavior. Back then, $DOGE broke out from a descending triangle, entered a period of consolidation, and then skyrocketed by 28,770%.

Currently, #DOGE appears to be mirroring this pattern: having… pic.twitter.com/69yXnlYRJd

— Ali (@ali_charts) February 23, 2024

Dogecoin’s recent games come amidst wide-spread positive sentiment surrounding DOGE price, which many believe is poised for aggressive growth in the year ahead, as Dogecoin appears to be repeating historic pre-bull run patterns.

As price action hammers the upper trendline, Dogecoin is currently trading at a market price of $0.105 (representing a 24-hour change of +7.2%).

This comes as the third-day of a powerful upside swing, after DOGE price established weeks of solid support above the 20 DMA (which now stands at $0.08).

Now in an ongoing resistance test below the upper trendline, it seems likely that DOGE price will either break to the upside, or, retreat into consolidation here.

Lower supports are immediately available at $0.10, $0.095, and $0.09 – offering multiple footholds to escape a rejection movement.

Meanwhile, the 200 DMA continues to provide a foundation of lower support at $0.075, with gradual ascendance on the moving average reflecting Dogecoin’s healthy technical growth.

Some cause for concern emerges from