Dogecoin Successfully Breaks Out Above $0.153, What Next?

Dogecoin (DOGE) Bulls Ramp Up Amidst Positive Price Action

Bulls in Dogecoin (DOGE) have intensified their efforts, as the daily price chart of the prominent meme coin exhibits an upward trend, fueling speculation of an imminent rally. Kevin Capital, a cryptocurrency market expert and enthusiast, has provided insights into DOGE's price action, confirming an effective breakout for the crypto asset as it surpasses the $0.153 resistance level.

Dogecoin Surpasses $0.153 Resistance

Previously, crypto analyst Kevin predicted that Dogecoin's upward movement required a break above the $0.153 level and the 200 Simple Moving Average (SMA) in the 4-hour timeframe. He stated, "When it comes to Dogecoin, all DOGE needs to do to have a higher chance of playing out the potential inverse head and shoulders is a break above the 4-hour 200 SMA and the $0.153 level."

At the time, Kevin observed that DOGE had repeatedly attempted to reach this moving average but was rejected. Therefore, if the crypto asset breaks out and maintains this moving average, he anticipates an upswing to the $0.22 price level.

Potential Rally to $0.22

According to the analyst, this development has materialized today, as the digital asset has exceeded the $0.153 level and the 200 moving average. Based on Kevin's prognosis, Dogecoin must sustain this area to experience further growth. If DOGE manages to hold during any potential backtest and thereafter, Kevin has placed his inverted head and shoulders target at $0.18 and $0.22, if it is within reach.

The post reads:

"Update on the Dogecoin chart. We have officially broken above the $0.153 level and the 200 SMA on the 4HR. We need to hold this area on any potential backtest and then .18 cents and the inverse head and shoulders target of $0.22 cents if right in reach."

This accomplishment aligns with a surge in positive sentiment in the meme coin market, indicating increased investor confidence and interest in these digital assets. With breakouts and decouplings occurring frequently over the past few days, meme coins have had a notable start to the week.

Multiple Support Levels for DOGE and Their Significance

Dogecoin's recent price surge has sparked an optimistic outlook from numerous crypto experts. Crypto Daily Trade Signals, another analyst, has shared a positive prediction for the meme coin.

Crypto Daily Trade Signals has analyzed the current support levels for DOGE and the potential price trajectory following a breakout. According to the channel, the 50-day EMA at $0.1652 is currently acting as a resistance level. Should DOGE break through this barrier, it could trigger the initiation of a bull run for the coin.

Furthermore, the channel noted that the 100-day EMA around $0.1434 is currently providing support, indicating that DOGE has a buffer against further declines. Meanwhile, the 200-day EMA serves as a robust long-term support level at $0.1237.

At the time of writing, Dogecoin was demonstrating an upward momentum of over 6% in the past week, trading at $0.1549. Its trading volume and market cap have both increased by over 11% and 3%, respectively, in the past day.

[Image of Dogecoin trading at $0.15443 on the 1D chart from Tradingview.com]

Featured image from iStock, chart from Tradingview.com