Just now! Dogecoin breaks above $0.12! Is it a top?
The price of Dogecoin (DOGE) has broken out of a six-month-long downtrend. The shift highlights key technical indicators that show that bullish momentum may be building for the cryptocurrency.
Over the past day, DOGE’s price has surged by a massive 7.44% while its trading volume has risen by 79.08%. Breaking above $0.12 in a short period of time, DOGE is trading at $0.1172 at press time.
DOGE Chart Analysis: Downtrend Breakout Signals Momentum Shift.
Dogecoin has been confirmed to have broken out of a six-month-long downtrend line in a tweet from Mikybull Crypto. According to the Dogecoin chart, the coin has managed to break above resistance, suggesting that the bearish trend may be reversing.
The breakout is seen as a significant moment in Dogecoin’s price action, with analysts predicting that momentum could further propel the cryptocurrency higher if it can sustain above the breakout level.
This change suggests that buyers may have regained control of the market after months of downward pressure. Another well-known cryptocurrency analyst, Ali Charts, further strengthened this view by observing a breakout in the relative strength index (RSI).
With these two technical indicators in line, the likelihood of Dogecoin continuing to rise becomes stronger. According to Ali's charts, Dogecoin may face resistance around $0.14, but if it can maintain its current momentum, it is expected to rise further.
Dogecoin's open interest increased by 11.16% to $587.53 million. The increase in open interest reflects the increase in trader participation and confidence in Dogecoin's price trend.
