After trendline breakout, Dogecoin bulls target $0.13
Bulls are back on Dogecoin following a critical trendline breakthrough that might spark a surge. After a sideways phase, buyers now have their eyes on $0.1293. This breakthrough might start a major rally, but will the bulls maintain momentum or will overhead resistance stop them from reaching new highs?
This article examines Dogecoin's trendline breakthrough and possible upside. We'll examine the technical indications fueling bullish momentum, critical resistance levels, and if bulls can drive the price toward $0.1293.
DOGE rose 4.68% to $0.1068, 24 hours ago. Coin market capitalization hit $15.5 billion, while trading volume exceeded $717 billion. Market cap and trade volume increased 4.70% and 71,33%
Positioning above the 100-day SMA frequently indicates bullish momentum, which might lead to more positive action. The rally's next leg depends on a breakthrough from this consolidation area.
Bulls dominate the market according to the 4-hour Composite Trend Oscillator. The signal line and SMA are overbought, suggesting strong rising momentum. This means that Dogecoin's price might rise more in the short future due to the positive trend.
DOGE is trying to reach the 100-day SMA on the daily chart after breaking above the negative trendline. The digital asset may climb toward $0.1294 resistance with its current momentum and trendline breakthrough.
Finally, on the 1-day chart, the composite trend oscillator has crossed above its SMA and both lines are trying to move out of the oversold zone toward zero, indicating increased bullish strength for the cryptocurrency.
Bullish momentum in Dogecoin, particularly after breaching a major trendline, suggests substantial upside. The price may advance above $0.1293 and other resistance levels if it stays above the 100-day SMA.
Overbought readings on key indicators might cause a short-term fall toward $0.09149. A break below this support level might imply a deeper negative trend and more price falls.
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