Dogecoin Momentum Builds, Breakout Hints at $0.1300 Upside Potential
- Dogecoin moved up by 8.74% to reach $0.1282 with a market capitalization of $21.55 billion and a trading volume of
- DOGE has managed to break out from an descending channel, and it has steadied at around $0.121, which signals further gains.
- The short-term targets are $0.1275-$0.1300, supported by RSI at 51.9 and MACD showing early bullish signals.
Dogecoin (DOGE) is showing early signs of recovery after breaking out of a key channel. With increased trading volumes and support levels holding strong in critical areas, DOGE may head towards the target levels of $0.1275 and $0.1300.
Dogecoin currently traded at $0.1282, with a 24-hour increase of 8.74%. The market capitalization of the currency is at $21.55 billion with a 24-hour trading volume of $2.48 billion. The Market Dominance of the currency is 0.72%.
Dogecoin Eyes $0.08 Following Channel Breakout
According to recent analysis by Ali Charts, Dogecoin has broken out of a descending channel and retraced into a higher-timeframe demand zone, showing early signs of recovery. The price has been holding above $0.121, suggesting potential for further upward movement if key conditions are met.
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Dogecoin Holds Support After Demand Zone Test
From the technical indicators, there seems to be a cautiously optimistic outlook. The Relative Strength Index (RSI) stands at 51.9, which places it in the neutral phase of its recovery, while the MACD is flat but showing signs of curling upward, hinting at a possible bullish shift.
On the structural front, Dogecoin is supporting its price after accessing the green demand zone. It has been noted that a major swing break flip is required to ascertain strength.
Analyzing the speculative entry, a long entry is indicated above the price of $0.1245, with a stop below the price of $0.121. The short-term targets include $0.1275 and $0.1300.
With Dogecoin exhibiting signs of stabilization, investors will be waiting to see is whether the cryptocurrency can maintain its momentum to reach these key levels.
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