Dogecoin poised for a big rally: Can DOGE break through the $0.11 level this weekend?
According to Ali, a well-known cryptocurrency analyst, Doge is struggling to break through its key price hurdle and resistance level of $0.11. At press time, the coin is priced at $0.1051, up 2% in the past 24 hours.
“If you expect Dogecoin to break out, remember that the key resistance level is at $0.11, where 23,400 addresses hold about $31 billion in DOGE!”
According to Ali’s analysis, Dogecoin is on the verge of a bullish breakout. Two key signals are shown in the chart that hint at the development of such a trend. First, Dogecoin’s relative strength index (RSI) is expected to break above the descending trendline on the daily chart.
In addition, if Dogecoin is able to consolidate around $0.11 and successfully break through this key level, it could trigger a wave of bullish moves that could drive the price further up.
During this period, Tesla founder and Dogecoin supporter Elon Musk also posted several indirect tweets, helping the price of Dogecoin to rise in a short period of time.
According to CoinCodex, Dogecoin may briefly surge to $0.106 around September 21, but will eventually fall to the price level of $0.105 around September 22.
