Dogecoin Breaks Resistance Level, Bolsters Crypto Market Expectations of Uptrend

Investors
in
the
Dogecoin
(DOGE)
cryptocurrency
have
breathed
new
life
into
the
market,
bolstering
the
daily
price
chart
of
the
world’s
most
prominent
meme
coin
and
stirring
up
speculations
of
a
possible
upturn.
Cryptocurrency
market
specialist
and
enthusiast,
Kevin
Capital,
has
validated
this
potential
surge,
acknowledging
the
significant
breakthrough
of
the
digital
asset
as
it
breaches
the
$0.153
resistance
level.

Kevin
is
no
stranger
to
predicting
Dogecoin’s
market
trends.
Not
too
long
ago,
he
speculated
that
a
break
above
the
$0.153
mark
and
the
200
Simple
Moving
Average
(SMA)
in
the
4-hour
timeframe
would
be
crucial
for
DOGE’s
upward
trajectory.
He
described
the
resistance
level
and
the
200
SMA
as
instrumental
to
Dogecoin’s
ability
to
flip
the
script
on
its
market
status
quo
–
a
break
above
these
metrics
would
set
the
stage
for
an
inverse
‘head
and
shoulders’
turnaround.

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He
observed
that
DOGE
had
made
consistent
efforts
to
attain
this
threshold
to
no
avail
but
maintained
that
a
successful
breakthrough,
along
with
sustaining
the
new
level,
could
potentially
catalyze
a
price
surge
to
as
high
as
$0.22.

His
prognosis
has
come
full
circle
with
recent
developments.
This
significant
milestone
has
been
reached
with
Dogecoin
surpassing
the
vital
$0.153
level
and
the
200
SMA.
However,
maintaining
this
growth
pattern
will
be
crucial
for
the
digital
asset
to
spark
a
further
surge.

In
case
of
a
backtest,
should
DOGE
manage
to
maintain
its
current
status,
Kevin
anticipates
a
potential
breakthrough
to
$0.18
and
subsequently
$0.22,
if
all
goes
well.

This
breakthrough
comes
hand-in-hand
with
an
apparent
upswing
in
investor
confidence
in
the
meme
coin
market,
reflecting
growing
interest
in
such
digital
assets.
In
fact,
the
beginning
of
the
week
has
been
a
noteworthy
period
for
meme
coins,
featuring
several
breakouts
and
decouplings.

This
upward
swing
of
Dogecoin
has
elicited
a
positive
outlook
from
multiple
cryptocurrency
analysts.
Among
them
is
Crypto
Daily
Trade
Signals,
which
has
explored
the
current
support
levels
for
DOGE
and
released
its
own
prediction
on
the
possible
price
trajectory
following
this
breakout.

The
analysis
reveals
that
the
50-day
EMA
at
$0.1652
is
currently
acting
as
a
resistance
level.
However,
if
DOGE
can
break
past
this
barrier,
it
may
trigger
a
bullish
rally
for
the
cryptocurrency.
The
100-day
EMA
around
$0.1434
is
currently
serving
as
a
support
mechanism,
providing
some
buffer
against
any
potential
price
dips.
Additionally,
the
200-day
EMA
is
offering
solid
long-term
support
at
$0.1237.

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As
of
this
writing,
Dogecoin
is
showing
a
positive
momentum
with
more
than
a
6%
increase
over
the
past
week,
trading
at
$0.1549.
The
cryptocurrency’s
trading
volume
and
market
cap
have
both
seen
increased
activity,
registering
over
11%
and
3%
growth
respectively
in
the
past
day.