Dogecoin (DOGE) price continued its upward trajectory, recording a 7% increase in the last 24 hours after reaching $0.3909 last Saturday with a trading volume of $5.34 billion. The price of the seventh-largest cryptocurrency by market value tested a significant resistance barrier, indicating an upward breakout or a wave of relative stability below it, as investors monitor its next direction and market developments indicate the possibility of a continued rise.#Dogecoin
Analysts Highlight Possible Dogecoin Price Takeoff
Crypto analyst Kriss Pax has expressed his bullish predictions for the price of Dogecoin, drawing his insights from blockchain transaction data and crypto market indicators in general. Pax noted that current market factors suggest that DOGE is likely to experience an imminent bull run, most notably the increasing dominance of altcoins, indicating that interest in cryptocurrencies extends beyond Bitcoin (BTC). On the other hand, the analyst cited the relative strength index (RSI) reading of Dogecoin’s price movements as an indication of its increasing momentum, in addition to the wave of optimism surrounding the prospects of cryptocurrencies in general after the launch of Ethereum Spot ETFs on the exchange, which may contribute to boosting investor confidence in altcoins, including Dogecoin.
Dogecoin’s success in attracting large trading volumes during downturns also reflects the strong investor interest in it, which could give its anticipated launch additional momentum. Despite analysts’ concerns about the effects of external factors, they believe that its recent price performance could pave the way for a strong launch.
Dogecoin's Strong Performance and Expected Price Prospects
Dogecoin’s solid position in the sector is attributed to its strong price performance and ability to hold above key support levels; analyst Kevin (formerly OG Yomi) noted that DOGE is currently in an SOS phase according to Wyckoff patterns, indicating that it could retest the downtrend line formed during the previous bear market cycle in preparation for a strong run provided it holds this support level without breaking it.
DOGE price remaining above the $0.10291 support level is essential to keep its future prospects bright, which could boost investor confidence and potentially push its value to the $3 mark; its growing popularity and strong community support could also help it cement its position as an altcoin leader.
DOGE may also benefit from growing interest among both institutions and retail investors, with these moves reflecting investor confidence in the digital asset’s sustainable growth potential and its ability to maintain its strength and relevance within the ever-evolving cryptocurrency sector.
DOGE/USD Daily Technical Analysis
Dogecoin price settled last Saturday at $0.3909, approaching the important resistance level of $0.3930, which corresponds to the downtrend line; which it must break to continue its upward path and test the next resistance level at $0.4157 and perhaps follow it around $0.4402.
On the other hand, the nearest support level is at $0.3676 followed by two other support levels at $0.3428 and $0.3081, which should help mitigate any potential downside waves. On the other hand, the Relative Strength Index (RSI) reading is stable at 65, indicating that DOGE is experiencing slight buying pressure, while the price remains above the 50-day Exponential Moving Average (EMA-50) at $0.3411, indicating that the momentum could continue to gain in the foreseeable future.
Also, the formation of a doji candle below the $0.3930 resistance level indicates that the current uptrend lacks momentum, so traders should watch it carefully; if the price fails to break it, it may go through a stabilization phase below it or another correction wave, but the long-term momentum of its movements bodes well for the possibility of continuing the uptrend.$DOGE
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