DOGE Sideways Breakout For Traders Is A Way For $0.2

DOGE Sideways Breakout: A Trader's Guide to $0.2

After a week of bearish dominance, Bitcoin bulls have regained control, propelling the cryptocurrency from lows of $56,000 to its current level of $64,000. This market rebound has also ignited positive momentum in the meme coin sector.

Top Memecoins on Coinpedia

Coinpedia's top memecoins are all showing bullish signals today:

• DOGE: +3%
• SHIB: +1.05%
• PEPE: +2.30%
• BONK: +1%
• BOME: +2.80%

DOGE Coin Price Analysis

DOGE, the trailblazer of meme coins, has reclaimed the $0.15 level and is currently trading at USD 1.63. Short-term trends are indicated by the 50-day SMA at $0.17, while the 200-day SMA at $0.11 provides a broader perspective. While the overall SMA crossover is bearish, the short-term and mid-term moving averages are bullish, with the long-term showing a bullish crossover.

Breaking the $1.63 resistance suggests a trend towards $1.7 resistance, while creating new support levels at $0.145, $0.13, and $0.129.

Trade Setup for Swing Traders

As per the chart above, the ideal trade setup for swing traders is within the sideway channel ($0.12-$0.16). With a stop loss level at $0.12, enter the trade at $0.12 and exit near $0.16. Trend followers can await the breakout in either direction, while swing traders can trade between support and resistance.

Dogecoin Price Prediction

Tesla's acceptance of Dogecoin has partially contributed to a weekly growth of 12%. The coin's recent attempt to surpass $0.16 has had a positive impact. Onchain data also shows a spike in active addresses, crossing 6.40 million, and a market cap of $23 billion.

With continued growing interest and increasing social volume, DOGE is expected to hit $0.2 this week. Monitor the breakout above $0.17 for the next spike.