Dogecoin (DOGE) Breaks Out of Downtrend, Primed for a Major Upward Move
- Patricia ArquetteOriginal
- 2024-10-08 03:24:11271browse
As Dogecoin (DOGE) continues to stamp its authority as the apex meme coin, the altcoin recently made a major milestone after breaking out of a downtrend
Dogecoin (CRYPTO: DOGE) has been making waves in the crypto market lately. After breaking out of a downtrend that began in March, the meme coin is now poised for a significant upward move.
Here's a closer look at the key levels to watch for DOGE, according to market analysts and analysis.
Breaking Out Of A Downtrend: A Pivotal Moment For Dogecoin
Highlighting this development, market analyst Mikybull Crypto noted that Dogecoin surged past $0.118. This breakout from the downtrend is a bullish sign for the meme coin.
Moreover, renowned market analyst Ali observed, "Dogecoin looks strong! DOGE got an RSI and price breakout from multi-month downtrends, and $DOGE also got a buy signal from the SuperTrend indicator."
This confluence of technical indicators bodes well for Dogecoin, suggesting that it could continue trending higher in the coming days and weeks.
As long as the ninth-largest cryptocurrency trades above critical support at $0.105, this breakout from the downtrend is likely to trigger bullish momentum.
At the time of writing, DOGE was trading at $0.1099, according to CoinGecko data. This level is crucial for DOGE, as it needs to hold above it to continue its upward momentum.
Primed For A Major Rally: Key Resistance Levels To Watch
Based on this analysis, Dogecoin will be primed for a significant upward move if it breaches $0.12 and breaks out above the 200-day exponential moving average (EMA).
This level has been acting as resistance for DOGE in recent months. A breakout and close above the 200-day EMA could propel Dogecoin towards higher highs.
Additionally, market analyst Martinez shared similar sentiments, suggesting that Dogecoin is primed to hit $0.15 if it surges past the $0.111 resistance, as there are no major supply walls in sight.
Dogecoin Whales Are Igniting The Fire: A Helping Hand In DOGE's Ascent
One factor contributing to Dogecoin's recent upward momentum is the buying activity of Dogecoin whales.
According to recent reports, whales have purchased 1.4 billion DOGE, valued at a staggering $140 million. This large-scale accumulation is helping to drive up the price of Dogecoin.
Meanwhile, owing to its resilience, Dogecoin is being touted as one of the altcoins primed to hit new all-time highs (ATHs).
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