Dogecoin Breaks Out Of Its Key Level! Will DOGE Price Hit $0.1 Soon?

The post Dogecoin Breaks Out Of Its Key Level! Will DOGE Price Hit $0.1 Soon? appeared first on Coinpedia Fintech News

The crypto industry has displayed a positive uptrend as the market has witnessed a jump of approximately 2% in value. This resulted in the leader of the Memecoin gaining over 4% in its value within the past day and reclaiming the $0.08 mark.

Dogecoin price, recently broke out of its important level at $0.08035, indicating an increasing bullish sentiment in the market. This could further result in the price recording a massive price jump in the coming days.

DOGE Coin Price Action:

Dogecoin price started the month of November trading in a consolidated range between $0.06660 and $0.06931. Following the market pump, the price gained momentum, broke out of the range, and recorded a jump of 10% in value before getting rejected at $0.07648.

Following this, the leader of memecoins traded sideways for a while. After multiple failed attempts, the price successfully broke out of the upper level, but the rally was short-lived as the bulls lost momentum at $0.08035.

The price recorded a drop of 10% and retested its crucial support level of $0.07250, but the bulls held the price strong, resulting in the price regaining momentum and recording a high of $0.08678 for the first time since April.

Following this, the price started trading under a bearish influence and experienced a loss of over 13% over the next five days. After retesting its crucial support level, the price witnessed a jump of 5%.

Since then the price made multiple attempts to break out but failed and has been trading in a consolidated range between $0.07648 and $0.08035. Recently, the price successfully broke out of the range but has been hovering close to the level.

The Moving Average Convergence Divergence (MACD) displays a strong green histogram, indicating a bullish influence in the market. Further, the averages show a rising pattern, suggesting the price will experience a jump of 8% in the coming week.

Will The DOGE Price Hit $0.1 This Year?

If the bulls hold the price above the support level of $0.08035, the DOGE price will continue to gain momentum and prepare to test its resistance level of $0.08393 soon.

Maintaining the price at that level will set the stage for Dogecoin to attempt to test its upper resistance level of $0.08678 by the week ahead.

Conversely, if the bears pull back the Dogecoin price below the resistance level of $0.08035, the memecoin will continue trading in a consolidated range and test its support level of $0.07648 soon.

Moreover, if the bulls fail to hold the price at that level, it will lose momentum and fall to test its lower support level of $0.07250 in the coming days.