- The Dogecoin price is approaching the resistance level of $0.125 and keeps the potential to shoot up.
- The DOGE price has shaped a falling wedge pattern and is expected to gain 45% after a successful breakout.
- Dogecoin price may struggle in the short term but seems to display strong bullish momentum for the long term.
Based on chart analysis, the DOGE price may witness a massive breakout of history. The chart structure showed that the meme coin has struggled between the $0.1071 and $0.1109 levels. The token has prepared itself for a giant momentum after the breakout.
Ali Martinez is a great cryptocurrency analyst who has shared his opinion on X (formerly Twitter). He claimed that the Dogecoin price had surpassed the $0.111 level. After a genuine breakout, it is expected to extend to the $0.150 hurdle.
#Dogecoin has surged past the $0.111 resistance, where 62,270 addresses hold over 36 billion $DOGE. If #DOGE holds this level, it could confirm a bullish breakout. With no major supply walls in sight, the path to $0.150 looks clear! pic.twitter.com/4L0zI4s72z
— Ali (@ali_charts) September 26, 2024
However, he mentioned that it could be risky to show interest in Dogecoin in the short term. According to the stochastic RSI indicator, a bearish crossover can be seen before the bullish momentum.
Over the past 24 hours, the bulls and bears have witnessed a clash in the Dogecoin price. It recorded a day high and low of $0.1170 and $0.1258, respectively.
DOGE Price Chart Pattern and Expected Rally Ahead
According to the cryptocurrency market, the leading Bitcoin has been in a correction phase, affecting another altcoin. The DOGE price has declined due to resistance from a descending trendline. In the fourth attempt, buyers have managed to overcome the trendline.
The Dogecoin price formed a falling wedge pattern during the daily time frame and witnessed a strong breakout. After the breakout, the price has surged by 18% and has exceeded the 200-day exponential moving average (EMA).
At press time, Dogecoin traded at $0.123 with an intraday gain of 4.35%. The market capitalization was $18.05 Billion, ranking 8th in the cryptocurrency market.
The 24-hour trading volume was $1.47 Billion, which has increased by 50%. This surge in volume may gain investors’ confidence, boosting the bullish trend.
Equivalent Analysis for Dogecoin by Many Other Analysts
Martinez appears to have a similar opinion to other analysts. According to a recent tweet from WorldOfCharts, a well-known analyst, Dogecoin is testing a significant resistance level.
It is exhibiting a bullish divergence on the RSI. If this resistance breaks, there is a bullish surge to $0.30 on WorldOfCharts.
Another analyst, Dima Jame Potts, noted that current fluctuations in DOGE price are comparable to those of past cycles.
He thinks the cryptocurrency will see a big push following a brief decline, particularly if it can close above its weekly resistance level. Potts, like others, has set his sights on the $0.20 mark if the breakout holds.
Dogecoin Creator Reaffirms Illuminate Only Dogecoin
Billy Markus, one of the co-creators of Dogecoin, explains his role in the cryptocurrency. On the other hand, analysts continue to argue over its price movement.
He is trying to engage himself with other projects similar to Dogecoin based on rumors on X. Markus, popularly known as Shibetoshi Nakamoto, reaffirmed his distance. He claimed that Dogecoin is the only cryptocurrency he has ever worked with.
According to some in the cryptocurrency community, the announcement gives Dogecoin’s prospects more stability.
Disclaimer
This article is for informational purposes only and provides no financial, investment, or other advice. The author or any people mentioned in this article are not responsible for any financial loss that may occur from investing in or trading. Please do your research before making any financial decisions.
