Dogecoin Price Rally Gains Momentum, Will DOGE Smash Through $0.18?
05 November 2024 - 8:00PM
NEWSBTC
The Dogecoin price momentum is heating up as it makes another
move toward the key $0.18 mark, a level that previously set an
all-time high for the popular meme coin. The recent surge in the
Dogecoin price has captured the attention of both traders and
long-term holders, sparking speculation about a possible breakout
that could take it to new heights. With bullish pressure picking
up, the widely circulating question is whether Dogecoin has the
strength to break through its resistance and finally establish a
new milestone. This article aims to explore the recent surge in
Dogecoin’s price and assess its capabilities to break through the
pivotal $0.18 resistance level. Through technical analysis and a
look at current market sentiment, this piece provides insights into
the driving forces behind DOGE’s rally and evaluates the breakout
chances. Bullish Momentum Builds For Dogecoin Price DOGE has
consistently maintained its position above the 100-day Simple
Moving Average (SMA) on the 4-hour chart, signaling sustained
upward movement and a strong bullish foundation. This steady hold
above the SMA line indicates a supportive trend for further gains,
as buyers have continued to show resilience in defending key
levels. Recently, the Dogecoin price rebounded from the $0.149
support level, fueling positive market sentiment and reaffirming
the strength of buyer interest at this critical point. An analysis
of the 4-hour Relative Strength Index (RSI) reveals renewed bullish
potential, as the RSI has risen from the oversold zone above the
50% threshold. Currently seating at 65%, this upward shift suggests
that buying momentum is gaining traction, indicating a transition
from a bearish phase toward a more neutral, possibly bullish
stance. Related Reading: Dogecoin (DOGE) Poised for a Move: Will It
Start a Fresh Increase? Furthermore, the daily chart reveals that
Dogecoin is experiencing a strong move on the upside, highlighted
by a series of positive candlesticks that suggest sustained buying
pressure. This optimistic trend is reinforced by DOGE’s position
above the 100-day SMA, a key level that signals continued strength
in the current uptrend. As the Dogecoin price maintains this
trajectory, market sentiment grows increasingly hopeful, creating a
favorable setup for more gains as it approaches the $0.18
resistance level. Lastly, the RSI on the daily chart is now at 65%,
recovering from a previous dip to 56%. If the RSI continues to
ascend, it may signal enhanced strength in DOGE’s price action.
Moreover, maintaining a position above the 60% mark could
significantly increase the likelihood of ongoing bullish momentum
and possible breakouts, solidifying the asset’s positive sentiment.
Will DOGE Power Through Or Pull Back? The Dogecoin price is nearing
the critical resistance level of $0.18, prompting speculation about
its potential for continued gains. Should DOGE successfully break
through this threshold, it could set the stage for a substantial
rally, potentially reaching new highs. possibly leading to the
establishment of a new all-time high. Related Reading: Dogecoin
Price Is About To Complete This Breakout To A Descending Megaphone
Pattern, Is $1 Next? However, if DOGE is unable to surpass the
resistance, it could result in profit-taking, which could cause a
drop toward the $0.149 support level and other additional downside
targets. Featured image from Unsplash, chart from Tradingview.com
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