Dogecoin (DOGE) price has been bullish with the token breaking past key resistance levels. Per Coinpedia Markets’ tweet, $DOGE surged above its resistance at $0.1215 and is now targeting the next level at $0.2290.
The price action of Dogecoin has lately shown constant upward growth. As Coinpedia Markets notes, the breakout above the $0.1215 resistance points to a shift in market trend toward positivity.
Higher trading volumes accompanying the constant increase in price point to customers actively supporting the spike. Moreover, the $0.1215 level—which used to be resistance—now acts as a crucial support zone.
$DOGE broke out from our targeted resistance at $0.1215. Now, heading to $0.2290.#Dogecoin is up 7.15% in past 24hrs to $0.1331.Are you bullish or bearish on #DOGE? https://t.co/Fuvde95AvW https://t.co/rmcghe4z6S pic.twitter.com/7C4u6SqHrd
— Coinpedia Markets (@MarketCoinpedia) October 18, 2024
Holding above this level may allow DOGE to continue its upward trend. Coinpedia Markets’ tweet suggests that this bullish breakout could lead to a target of $0.2290, provided the current momentum persists.
Resistance and Support Analysis
With DOGE rallying, the next hurdle lies around the $0.1370 mark, which represents a minor resistance. If the memecoin manages to surpass this level, it could pave the way for a move toward the $0.2290 resistance target, as highlighted by Coinpedia Markets..
Conversely, any decline below $0.1215 may suggest a temporary pullback. However, as long as DOGE maintains support above this level, the overall sentiment remains optimistic.
The tweet from Coinpedia Markets has raised questions on whether traders are bullish or bearish on DOGE. The gradual increase in volume, especially around the $0.1215 breakout, indicates that the price surge is supported by robust market interest.
Moreover, the noticeable spikes in trading activity on days with price increases highlight the strong presence of aggressive buyers. This pattern aligns with the bullish momentum that DOGE has been experiencing over the past week.
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Technical Indicators and Current Market Status
The technical chart analysis reveals a clear uptrend for DOGE, characterized by higher highs and higher lows since late September. The consecutive green candlesticks, with no evident reversal patterns, further confirm the ongoing bullish trend. If DOGE holds its support levels, the potential to test higher resistance levels remains plausible.
Per CoinGecko’s latest data, Dogecoin is currently priced at $0.1339, showing an 8.71% rise over the last 24 hours. Additionally, DOGE has recorded a 24.29% increase over the past week, reflecting a solid upward momentum.
Dogecoin’s breakout from the $0.1215 resistance level and its subsequent performance has set a bullish tone for the memecoin. The ability to maintain this momentum could see it test the $0.2290 target, as suggested by Coinpedia Markets.
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The post Dogecoin (DOGE) Price Surges: Can the Memecoin Maintain Bullish Momentum? appeared first on CaptainAltcoin.
