Dogecoin (DOGE) on Verge of Crucial Breakout: Details
Release: 2024/07/29 23:05 Reading: 681
Dogecoin Primed for Breakout as it Approaches Key Technical Level
Dogecoin, the popular canine-inspired cryptocurrency, is poised for a potential price breakout as it tests a critical technical resistance.
Currently, Dogecoin is hovering around $0.1335, testing the daily 200-Simple Moving Average (SMA). A decisive break above this level could trigger a rally, with targets at $0.138 and $0.0000143.
Analysts' Perspective
Crypto analyst Ali suggests that Dogecoin may be replicating a historical price pattern. According to Ali, the cryptocurrency could consolidate in a descending triangle, followed by a surge of 140%-230% and a 56%-60% retracement before initiating a bullish trend.
Resistance and Support Levels
In the event of a successful breakout, the next resistance levels for Dogecoin would be $0.165 and $0.175. Failure to clear these levels could lead to further consolidation and a revisitation of support levels at $0.12 and $0.124.
Market Sentiment
The overall market sentiment will also influence Dogecoin's price movement. Positive developments in the broader cryptocurrency market could provide the necessary momentum for Dogecoin to overcome the 200-SMA resistance.
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