Bitcoin price broke the $62,500 and even spiked above $63,000. Most of the major altcoins are showing positive signs. Unfortunately, Dogecoin has been stuck in a trading range for months. The price is not making any new highs or lows, but it’s staying afloat.
Dogecoin Price Breakout on Horizon
Currently, the price is recovering near $0.275. In the past 24 hours Trading volume surged more than 300%, indicating the overall trend to be bullish.
As per the 4hr time frame chart, the meme coin is forming an ascending pattern offering long opportunities for crypto traders. This pattern had its neckline at the $0.265 level, and the price has provided a decisive breakout from this resistance.
If the price rebounds off this support, and traders are buying on dips, this will likely lead to a break above $0.28. If that happens, the DOGE/USDT could climb to $0.32 and further hit $0.35.
On the other hand, if bears pull the price below the moving averages, the DOGE/USDT could drop at the $0.21 level and further drop to $0.19level in case of an extended bearish trend.
The DOGE price is higher than the crucial EMA’s at 20, 50, 100, and 200 levels, which indicates a bullish trend. The RSI value is at 60, indicating a bullish sentiment regarding the DOGE coin price.
DOGE Price to Hit $0.34 Level!
Popular Crypto analyst Justin Bennett says that Dogecoin (DOGE)is all set to rally for its next critical level which is nearly 37% above current prices. In his recent tweet, Bennett describes in a chart saying DOGE is attempting to break out of a long descending resistance line that it has been up against since May
“DOGE looks ready (as long as $BTC cooperates). Just needs to get above 0.27 on a daily closing basis to open up 0.34+.”
He believes that DOGE Price needs to turn the $0.26 level into support and close above $0.27 before continuing higher to his initial target of $0.34.
Source link