Mikybull, a famous analyst on X, updated his 73.2k followers that Dogecoin’s (DOGE) price has broken out of a 6-month-long downtrend. This shift points out critical technical indicators that suggest bullish momentum could be building for the cryptocurrency.Over the past day, DOGE’s price has seen a decent 7.44% surge, while its trading volume saw a 79.08% jump. At press time, DOGE is trading at $0.1176.
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Show more +Show less – DOGE Chart Analysis: Downtrend Breakout Signals Momentum Shift
Mikybull Crypto’s tweet confirmed that Dogecoin had broken a descending trendline that persisted for six months. The DOGE chart is indicating a move above the resistance, suggesting a possible reversal of the bearish trend.Mikybull’s Dogecoin chart also indicates that after months of lower highs, DOGE’s price has to push through, setting the stage for a potential upward movement.
$DOGE just broke out of the 6-month downtrend.It has begun https://t.co/51Bqh6J8tf pic.twitter.com/F1OjrePMq6
— Mikybull Crypto (@MikybullCrypto) September 26, 2024
Furthermore, the breakout is seen as a key moment for DOGE’s price action, with analysts predicting that if the cryptocurrency holds above the breakout level, the momentum could carry it further. This shift indicates that buyers may have regained control after months of downward pressure.
Ali Charts, another respected crypto analyst, added further insight with his observation of a relative strength index (RSI) breakout. The RSI, which tracks momentum, has been rising, indicating growing buying pressure after months of weakness.
Image Source: X/AliCharts
The DOGE chart also showed a SuperTrend Buy signal, another bullish indicator commonly used to forecast market direction.
With these two technical indicators aligning, the potential for Dogecoin to continue its upward trajectory becomes stronger. According to Ali’s chart, DOGE could face resistance near the $0.14 level, but there is optimism for further growth if it can maintain the current momentum.
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Will Dogecoin See a Potential 45% Upside?
Both analysts highlight the potential for Dogecoin to rise even further. Ali’s analysis suggests a potential 45% price increase from the current levels, which could see DOGE testing the $0.14 mark and beyond.Finally, with the RSI and SuperTrend providing strong support for this outlook, Dogecoin appears to be entering a period of increased bullishness.
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