23 February, 2024

Dogecoin Aims to Surpass Key Resistance, Set for Potential Rally

7 months ago

11 Dec, 2023

In a recent development, Dogecoin, the popular cryptocurrency known for its meme-inspired origins, is poised for a potential breakout. Traders and investors are closely monitoring the market as DOGE attempts to slice through the critical $0.75 supply wall, a move that could lead to a significant upswing.

A cryptocurrency analyst, Ali, shared a Twitter post providing insights on the current DOGE market.

Analysts suggested that surpassing this resistance level might trigger a bullish momentum, propelling Dogecoin to reach $0.85. This target holds particular significance, as over 176,000 addresses have accumulated a substantial amount of DOGE at this price point. In fact, these addresses collectively hold more than 12.34 billion DOGE, signifying strong interest and potential support in this range.

The breakout could potentially yield a notable 10% price surge, further adding to the excitement surrounding Dogecoin’s price action. Traders and enthusiasts are eagerly awaiting the outcome, with market sentiment largely positive. The cryptocurrency market has always been known for its volatility, and Dogecoin has often been at the center of attention due to its vibrant community and celebrity endorsements. However, exercising caution and conducting thorough research is important before making any investment decisions.

Today’s Dogecoin price analysis shows a strong surge in the price after it broke past the $0.07300 mark. DOGE is up by around 5.23% since the start of the day, and it is trading at around $0.7405. The market opened today’s trading section with bears in control as the price moved to make a low of $0.0672. Since then, bulls have defended this support level and pushed the price higher. 

The trading volume for the token has increased significantly over the past 24 hours, Currently, it stands at around $955 million, with a surge of 20.20%. The market capitalization for Dogecoin has increased, currently standing at around $10,350,684,608. The resistance level for  DOGE is at $0.7500, and breaching this wall could trigger a massive breakout. However, if bears manage to take control, the price might retrace and fall back toward $0.07300. 

Source: Tradingview

The technical indicators suggest that Dogecoin is in a strong uptrend and is likely to reach its targets. The Relative Strength Index (RSI) has risen above the 60 level, signaling that buyers are dominating the market. Moreover, the Chaikin Money Flow indicator has also crossed into the green territory, indicating increasing buying pressure. The 20-SMA  and  50-SMA are also trending higher, suggesting that the bulls remain firmly in control.