Dogecoin (DOGE) has finally broken above the key resistance level of $0.12, marking a major milestone as it surges to catch up with the overall cryptocurrency market rally. After weeks of struggling below that key supply zone, DOGE has made a strong move higher, sparking optimism among both analysts and investors.
Many investors believe this breakout could signal the start of a more sustained bull run 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, a breakout from $0.12 opens the door for DOGE to capitalize on the current market momentum.
As Bitcoin and other major altcoins continue to rally, Dogecoin investors are watching closely for confirmation of continued bullish momentum, hoping for further upside potential.
As the market moves higher and Dogecoin is now emerging from its past struggles, many expect the meme coin to deliver impressive growth in the coming period.
Dogecoin is on the move
Dogecoin has rallied more than 33% since Monday and is currently holding above previous resistance, 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 will continue to rise in the coming weeks.
Top analyst and investor Daan shared a technical analysis on X, highlighting the importance of DOGE's recent breakout. According to Daan, Dogecoin has successfully broken above the important horizontal level of $0.12 and the 200-day moving average (MA).
He noted that the breakout signals “fairly 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, acting as an invalidation point if the price falls below it.
Despite impressive performance from other meme coins on the market, Dogecoin has lagged behind in recent months. However, with this breakout, many believe that DOGE is finally catching up, and the coming weeks could see further significant growth for the popular cryptocurrency.
As market conditions remain favorable, all eyes are on Dogecoin to see if it can continue this momentum and move towards higher prices.
DOGE Price Action
Dogecoin is currently trading at $0.14 after falling 4% from its recent high of $0.147. The rally saw DOGE cross above both its 200-day moving average (MA) and 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 growth momentum thanks to positive market sentiment.
However, there is still a risk that DOGE could face downside pressure if it fails to hold above the important $0.129 mark, which corresponds to the 200-day MA.
A drop below this level could lead to a deeper pullback, testing the strength of the recent rally. With the market remaining volatile, the coming week will be key to determining whether DOGE can maintain its uptrend or enter a period of consolidation or further correction.
Traders are closely watching this support level, as a successful hold above $0.129 could signal further 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 crucial days ahead.