- DODO token surges 30% in one hour ahead of USDⓈ-M DODO perpetual contract launch.
- Bulls in the DODO market set a new 30-day high of $0.1301 and showed strong market support at $0.09704.
- Technical analysis indicates potential short-term pullback as DODO enters overbought territory.
DODO, the native token of the popular decentralized exchange (DEX) platform, witnessed a remarkable upswing, surging by an impressive 30% within an hour. The rapid price pump was fueled by the anticipation surrounding Binance Futures’ announcement of the upcoming USDⓈ-M DODO perpetual contract, set to launch with up to 20x leverage on August 8, 2023, at 12:00 (UTC).
As news of the imminent USDⓈ-M DODO perpetual contract spread like wildfire, the crypto market rallied behind the DODO token, pushing its price to soar to a new 30-day high of $0.1301. Throughout the bullish surge, DODO experienced robust support at $0.09704, showcasing the growing confidence in the token’s value proposition.
During the trading session, DODO’s price surged by 27.72%, settling at $0.125 at press time. This rally instigated a significant increase in market capitalization, which surged by 27.99% to reach $56,877,665. Moreover, DODO’s 24-hour trading volume witnessed a 552.48% surge, reaching $48,368,958, indicating strong buying interest and a positive sentiment surrounding the token.
DODO/USD Technical Analysis
The upper and lower Bollinger bands on the DODOUSD price chart are touching $0.11804372 and $0.08454869, respectively. The developing green candlesticks reflect the market’s increasing bullish momentum. However, the price has breached the upper band, indicating that the price is potentially overbought and due for a correction.
The Moving Average Convergence Divergence (MACD) is rising, indicating that buying pressure is strengthening, adding to the bullish sentiment. This pattern suggests that the DODOUSD price will continue to rise.
With a 99.02 reading on the stochastic RSI, the market is currently in an extremely overbought state. As traders take profits and reassess their positions, this could lead to a short-term pullback or consolidation. As a result, traders should consider setting tight stop-loss orders to protect their profits in a price reversal.
In summary, DODO’s impressive surge, driven by the upcoming USDⓈ-M perpetual contract, reached a 30-day high. The market’s bullish sentiment may lead to further gains, but caution is advised due to potential overbought conditions.
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