Will Dogecoin (DOGE) Challenge Previous Trends After a 11% Surge?

DOGE Surges with 11% Gain, Approaches Key Resistance Level

Dogecoin (DOGE), the popular meme token, has exhibited a sustained uptrend. In the past 24 hours, it has gained over 11.75%, propelling its price to $0.1267.

Key Trend Line Resistance Approaching

Technical analysis indicates that Dogecoin is approaching a critical trend line resistance on its daily chart. If the price breaks through this resistance, it could trigger a bullish rally, potentially pushing DOGE towards 100-200% gains.

Bullish Momentum Supported by Technical Indicators

The Moving Average Convergence Divergence (MACD) line on DOGE's four-hour technical chart suggests a positive market trend. Furthermore, the daily relative strength index (RSI) remains above 75. Additionally, the short-term 9-day moving average is positioned above the long-term 21-day moving average.

Historical Correlation and Moving Averages

Some analysts have noted that DOGE's price action appears to follow a similar pattern to its previous cycle. The asset's recent rise was preceded by four consecutive weeks of gains.

Breakout and Target Levels

Dogecoin has breached its resistance level at $0.1234. Continued upside momentum could lead to a test of the resistance at $0.1289, potentially triggering a further rally. However, if DOGE fails to maintain its upward momentum, it may retrace to its recent low of $0.1177.

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Tags

• Cryptocurrency
• DOGE
• Dogecoin