Dogecoin Breaking Out Of Monthly Downtrend: Can DOGE Reach $12?
16 Settembre 2024 - 9:30PM
NEWSBTC
Dogecoin (DOGE) is holding strong above a key price level after a
small market dip on Sunday, putting it at a crucial turning point.
The meme coin recently broke out of a monthly downtrend that has
kept its price suppressed since late March, signaling a potential
shift in momentum. Related Reading: Analyst Predicts AVAX
Breakout: Is $30 The Next Target? Analysts and investors are
growing increasingly optimistic about DOGE’s latest price action,
with some predicting that if Dogecoin breaks above the $0.12 mark,
it could trigger a larger rally in the meme coin space.
However, the next few days will be critical in determining whether
DOGE can lead this rally or if it will need a period of
consolidation before pushing higher. As the broader crypto market
looks for direction, all eyes are on Dogecoin to see if it can
capitalize on this positive momentum and set the stage for further
gains. Dogecoin Holding Strong Above $0.10 Dogecoin (DOGE)
has been between $0.092 and $0.115 since early August, forming a
consolidation pattern many analysts believe signals accumulation by
smart money. This consolidation suggests that significant players
may be preparing for a potential breakout. Some analysts are
particularly optimistic, stating that DOGE is breaking out of a
monthly downtrend channel that began in late March when Dogecoin
was trading at $0.22. One top analyst and investor, Daan, shared a
technical analysis on X showing DOGE breaking through this
downtrend line, which presents a new opportunity for meme coin
investors. Daan emphasizes that if DOGE holds above the critical
$0.105 support and can break above the $0.12 level with conviction,
the meme coin could aggressively surge to higher prices. According
to Daan, once Dogecoin confirms an uptrend, its price skyrockets
rapidly, leaving no room for hesitation. Historically, when DOGE
enters such phases, it experiences sharp upward movements
accompanied by high volatility. Related Reading: Solana (SOL) Faces
Serious Risk After Failing To Close Above Key Level – Details This
potential move has drawn attention to Dogecoin, as investors and
traders alike are eager to see if it will continue to dominate the
meme coin sector. The next few days and weeks will be critical in
determining whether DOGE can sustain its momentum and break through
these key resistance levels. DOGE Price Analysis Dogecoin (DOGE) is
trading at $0.101 after experiencing a 7% dip since Friday. Before
this decline, DOGE surged over 22% from local lows on September 6,
marking a strong recovery in a short period. Last Friday, the price
broke above the 4-hour 200 exponential moving average (EMA) at
around $0.103, often seen as a signal of short-term strength.
However, despite this move, DOGE has struggled to maintain its
position above the 4H 200 EMA, and recent price action has hovered
just below this key level. For DOGE to regain bullish momentum, it
is essential for the price to reclaim the 4H 200 EMA and hold above
it. This would provide short-term support and potentially pave the
way for targeting higher prices. On the other hand, if DOGE fails
to close above this EMA, a deeper correction is likely, with the
next major support level expected around $0.097. Related Reading:
Cardano (ADA) Whales Securing Gains After 10% Upswing: What’s Next?
As the market remains uncertain, the coming days will be critical
for DOGE’s price direction. Investors are closely watching whether
it can break back above key technical levels or face further
downside pressure. Featured image from Dall-E, chart from
TradingView
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