Dogecoin needs to stay above $0.105 and break $0.12 resistance to confirm its breakout.
A $1,000 investment in Dogechain at $0.0007 could reach over $125,000 if it hits $0.1 during a bull run.
Dogecoin's price is up 10.81% this week, with traders closely monitoring its potential to break $0.12.
Dogecoin (DOGE) has recently shown signs of breaking out from the downtrend it has been trading under since March. After being stuck beneath a descending trendline since early April, the cryptocurrency is now looking to hold key support levels and move toward a potential breakout.
To sustain the momentum, the coin needs to stay above $0.105 and target a crucial resistance at $0.12. Traders are closely monitoring the next price movements as market dynamics evolve.
https://twitter.com/DaanCrypto/status/1835317898954367467 Key Support and Resistance Levels
The chart reveals two key support zones that have played a critical role in Dogecoin's price action. First, the area between $0.0800 and $0.0900 has served as a historical support level, where the price bounced twice once in June and again in August.
The second, more immediate support zone around $0.1050 to $0.1100, where the price has been hovering, consolidating, and testing for stability. The bulls need to maintain this range for any upward movement to gain traction.
On the other hand, the price will face resistance around $0.1300 to $0.1350, a key level that could act as a significant barrier in the short term if the price continues to push higher.
Potential Profit Opportunities in Dogechain and Dogecoin
Dogechain ($DC) the foundation of the Doge ecosystem, now seeing growth alongside the DRC20 trend. With a circulating supply of 25 billion units, a $1,000 investment at $0.0007 could yield over $125,000 if $DC hits $0.1 in a bull market.
Similarly, investing $5,000 in Dogecoin ($DOGE) at $0.08 could potentially lead to $50,000 in profits when $DOGE reaches $1, making both assets strong candidates for gains during future rallies.
Current Price and Outlook
Currently, Dogecoin is trading at $0.1055, maintaining a narrow range around its short-term support. Over the past week, DOGE has experienced a price increase of 10.81%, despite a slight dip of 0.52% in the past 24 hours.
With trading volumes reaching $401 million in the last day, market participants are closely watching whether the price can clear the resistance at $0.12 to ignite a larger upward trend.
The post Dogecoin Breaks Out of Downtrend, Eyes Critical Levels appeared first on Crypto News Land.
