Dogecoin Eyes $1 Amid Bullish Divergence, Can It Break Past $0.10 Resistance?
Th cryptocurrncy mrkt hs xprincd shrp downturn ovr th pst six months, with mjor plyrs lik Bitcoin (BTC) nd Ethrum (ETH) sing notbl pric dclins. Similrly, Dogecoin (DOGE), th lding mm coin, hs not scpd this trnd, suffring significnt drop in vlu.
In Mrch 2024, DOGE pkd t $0.22, but it hs sinc flln by 56.45% to round $0.0958. Th dclin xtnds furthr bck; ccording to CoinGcko, DOGE is now 86.88% blow its ll-tim high of $0.73, which it rchd in My 2021.
Dspit th prviling brish trend, thr r signs tht DOGE might rcovr. Crypto nlyst Ali Mrtinz hs pointd out bullish divrgnc on Dogecoins 4-hour Rltiv Strngth Indx (RSI), which suggsts possibl pric incrs. Furthrmor, th Tom Dmrk Squntil 9 (TD) indictor hs shown buy signl, indicting tht pric rbound could b on th horizon.
Mrtinz suggsts tht ths signls indict possibl ris in Dogecoin, with $0.10 s ky trgt pric not rchd sinc lt August. Mnwhil, nothr nlyst, World of Chrts, highlights crucil wkly rtst for Dogecoin. This rtst occurs within flling wdg pttrn, tchnicl formtion tht frquntly lds to bullish brkout.
If it brks out of this pttrn, World of Chrts forss significnt rlly, potntilly driving th cryptocurrncy to nw ll-tim high of $1. Howvr, this ris dpnds on mintining th brkout, which would confirm rvrsl of th ongoing downtrnd nd initit frsh bullish phs for th mm coin.
Key Levels for Dogecoin Rally
To rch nw highs, Dogecoin must first rclim th $0.10 lvl. Achiving this would mrk rturn to its 50-dy xponntil moving vrg (EMA) nd lign with th $0.10 pric trgt.
Crossing th $0.10 thrshold my triggr bullish rlly, with trdrs iming to surpss th 100-dy EMA t $0.11. Ovrcoming this rsistnc could pv th wy for rtst of th 200-dy moving vrg t $0.12. If DOGE succssfully brks through this lvl, it my continu its rcovry, potntilly rching th nxt rsistnc t $0.13 on th DOGE dily chrt.
Rcntly, Dogecoin hs mintind criticl support t $0.094, prvnting stpr dclin towrd $0.080, lvl it rvisitd during th brodr mrkt downturn in rly August. Howvr, substntil incrs in bullish momntum is ssntil for DOGE to clr highr rsistnc lvls nd stblish itslf bov prvious support zons. Only thn cn th mm coin rlisticlly considr pth to rtsting its yrly highs.
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Text source: TronWeekly
