Dogecoin Breaks Above $0.12 Level – Time For DOGE To Catch Up?
20 Ottobre 2024 - 10:00PM
NEWSBTC
Dogecoin (DOGE) has finally broken through the crucial $0.12
resistance level, marking a significant milestone as it surges to
catch up with the broader crypto market rally. After weeks of
struggling below that key supply zone, DOGE has made a strong move
upward, sparking optimism among analysts and investors alike.
Many investors believe that this breakout could signal the start of
a more sustained rally for the meme coin. Top analyst Daan recently
shared key insights, pointing to a bullish outlook for Dogecoin in
the coming weeks. According to his analysis, the breakout from
$0.12 opens the door for DOGE to capitalize on the current market
momentum. Related Reading: Strong Buy Signal For DogWifHat
(WIF) – Key Indicator Hints At Rally To $4 As Bitcoin and other
major altcoins continue to gain strength, Dogecoin investors are
closely watching for confirmation of bullish continuation, hoping
for further upside potential. With the market pushing higher and
Dogecoin now breaking free from past struggles, many expect the
meme coin to deliver impressive gains in the near term. Dogecoin
Making Moves Dogecoin has surged over 33% since Monday, and it is
now holding above its previous resistance level, maintaining
bullish price action. This rally has sparked optimism among
analysts and investors, as the overall market sentiment remains
positive, and many believe that Dogecoin is primed for further
gains in the coming weeks. Top analyst and investor Daan shared a
technical analysis on X, highlighting the significance of DOGE’s
recent breakout. According to Daan, Dogecoin has successfully
broken above the crucial $0.12 horizontal level and the Daily 200
moving average (MA). He noted that this breakout signals
“pretty much clear skies” for the meme coin, as there is little
resistance above this point. However, he also emphasized that $0.12
remains a key level, serving as an invalidation point if the price
were to drop below it. Despite the impressive performance of other
meme coins in the market, Dogecoin has lagged behind in recent
months. With this breakout, however, many believe that DOGE is
finally catching up, and the coming weeks could see even more
significant upside for the popular cryptocurrency. Related Reading:
Ethereum Bullish Pattern Signals Upcoming Rally – Analyst Sets
$2,870 Target As market conditions remain favorable, all eyes are
on Dogecoin to see if it can continue building on this momentum and
push toward higher price levels. DOGE Price Action Dogecoin is
currently trading at $0.14 after a 4% retrace from its recent high
of $0.147. This surge saw DOGE break above both the 200-day moving
average (MA) and the exponential moving average (EMA), confirming a
bullish outlook for the meme coin in the coming weeks.
Analysts and investors are optimistic that Dogecoin will continue
its upward momentum, fueled by positive market sentiment. However,
there is a risk that DOGE may face downward pressure if it fails to
hold above the crucial $0.129 mark, which aligns with the 200-day
MA. A drop below this level could lead to a deeper retrace, testing
the strength of the recent rally. With market conditions remaining
volatile, the upcoming week will be key to determining whether DOGE
can maintain its bullish trend or if it will enter a period of
consolidation or further correction. Related Reading: Solana
Targets $160 Resistance As TVL Hits New Yearly Highs Traders are
keeping a close eye on this support level, as a successful hold
above $0.129 would likely signal more upside potential, while a
break below it could dampen the current bullish sentiment. All eyes
are on Dogecoin to see how it performs in the critical days ahead.
Featured image from Dall-E, chart from TradingView
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