Dogecoin (DOGE) is currently facing resistance between $0.166 and $0.171, according to a recent tweet by Ali Charts. The analyst notes that approximately 75,500 addresses have acquired nearly 10 billion DOGE within this price range. However, if Dogecoin can overcome this barrier, the cryptocurrency has the potential to double in value, with the next key resistance level identified around $0.322.
Dogecoin Technical Analysis Highlights Bullish Breakout Potential
A detailed technical analysis provided by altFINS further supports the bullish outlook for Dogecoin. The analysis indicates that DOGE is currently in an uptrend, with a bullish breakout from a sideways channel between $0.13 and $0.17.
This breakout above the horizontal resistance of $0.17 signals a continuation of the uptrend, with a potential 25% upside to the next target of $0.20. To manage risk, a stop loss (SL) level is suggested at $0.155.
Source: altFINS – Start using it today
Sideways Channel Pattern and Trading Strategies
The altFINS analysis notes that Dogecoin is currently trading within a sideways channel, which is a neutral pattern indicating market indecision.
Trend traders are advised to wait for a breakout in either direction, although the breakout typically follows the direction of the existing trend. Swing traders, on the other hand, can capitalize on the range by buying near support and selling near resistance.
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Trend and DOGE Momentum Analysis
The short-term and medium-term trends for Dogecoin are classified as “Strong Up,” while the long-term trend is considered neutral. Momentum is currently bullish but showing signs of inflection, with the MACD (Moving Average Convergence Divergence) line still above the MACD signal line.
However, the declining MACD histogram bars suggest that momentum could be nearing a downswing. The RSI-14 (Relative Strength Index) levels indicate that Dogecoin is neither overbought nor oversold at the moment.
The altFINS analysis identifies the nearest support zone for Dogecoin at $0.13, followed by $0.11. On the upside, the nearest resistance zone is located at $0.17, with the next resistance level at $0.20.
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The post Dogecoin Expected to Spike 100% Following Breakout From This Key Resistance: DOGE Price Outlook appeared first on CaptainAltcoin.