$DOGE Price Forecast: Can DOGE Bulls Score A 99% Breakout? - CoinGape Analytics

DOGE price has begun moving up recently in line with Bitcoin’s recovery. Dogecoin has been in a falling wedge since the March mini-bull run when it surged to $0.22. However, this multi-month pattern is nearly coming to an end and it promises the chance of a 99% breakout.

The DOGE 14-day relative strength index (RSI) is at 43 and currently headed up. If it breaks above the midpoint level, the DOGE bullish momentum may increase, propagating further upside movement to $0.27.

The recent Dogecoin price run-up has brought it near the 50-day and 200-day simple moving averages (SMA) but it is still trending below them. Consequently,  these two indicators provide some resistance for the asset’s price around $0.139 (50-day SMA) and $0.131 (200-day SMA). If the DOGE price managed to break above them, the meme coin may break from the falling wedge and break the yearly high of $0.22

On the flip side, the price of DOGE is hovering at the 0.786 Fibonacci retracement level. The DOGE price action has tested this zone three times in the past four months, making it a robust support level. A bounce from this level could catapult the Dogecoin price to the 0.27 Fibonacci extension level around $0.27.

Dogecoin’s 24-hour trading volume recently spiked 43%, according to CoinGecko data, indicating a recent rise in market activity.