A Weekly Close Above This Channel Top Will Trigger Massive Buys for Dogecoin (DOGE)

The price of Dogecoin (DOGE) has been trading in a descending channel since October 2022, forming support and resistance levels for over a year now. DOGE recently found support around $0.05, which was the last channel’s bottom. Now it faces resistance at around $0.07 at the top of the channel.

According to crypto analyst Rekt Capital, DOGE saw some “buy-the-dip” behavior over the past week which took the price back to the $0.07 resistance level. However, there has been no strong rejection and continued downside for DOGE yet.

Breakout Needs Confirmatory Weekly Close

The most important signal to watch for is a weekly close above the descending channel top, which would confirm a technical breakout for DOGE. A break above the channel resistance could trigger massive buys from traders, pushing the price higher.

DOGE has forged lower lows along the channel bottom over the past year. A breakout above the channel top would show a decisive shift in market structure and upside momentum.

Buyers Looking for Confirmation

It seems DOGE buyers remain interested but are waiting for a confirmed break above $0.07 before entering large positions. The weekly close will give traders added confidence in the breakout’s validity.

Read also:

• Top Analyst Reveals Top 3 AI Cryptos with Huge Potentials that He’s Buying in November
• Top Analyst Sees XRP Exploding to $18.22 – Here’s His Ripple Outlook
• eTukTuk’s mission towards zero emission paves $TUK token

If DOGE can close the week above $0.07, there is open air above until horizontal resistance around $0.10. A close above the channel could spark a strong rally toward that next overhead resistance level.

We recommend eToro

74% of retail CFD accounts lose money.

Visit eToro Now

Active user community and social features like news feeds, chats for specific coins available for trading.
Wide range of assets: cryptocurrencies alongside other investment products such as stocks and ETFs.
Copy trading: allows users to copy the trades of leading traders, for free.
User-friendly: eToro’s web-based platform and mobile app are user-friendly and easy to navigate.
eToro offers staking for certain popular cryptocurrencies like ETH, ADA, XTZ etc.

The post A Weekly Close Above This Channel Top Will Trigger Massive Buys for Dogecoin (DOGE) appeared first on CaptainAltcoin.