Dogecoin (DOGE), the leading meme cryptocurrency, has reached a critical price point following a surge in the crypto market, which now stands at $2.2 trillion. According to Popular crypto trader Captain Faibik, DOGE is on the verge of breaking a key resistance level. If successful, this breakout could ignite a massive 91.7% rally, pushing the meme coin to new all-time highs.
Dogecoin’s Chance for a Big Rally
Dogecoin has seen many ups and downs over the years, often gaining attention due to social media excitement or celebrity support. Now, as per Faibik’s analysis, DOGE might be on the edge of another big move.
His chart analysis points to a breakout of a bullish falling wedge pattern forming on the 1Day price chart that could send the coin price to $0.21, a level Dogecoin hasn’t reached in some time.
This possible breakout could spark new interest in Dogecoin, with many traders and investors closely watching the price. If the price breaks through key levels, more people might start buying, which could push Dogecoin even higher.
Dogecoin’s Bullish Breakout
Echoing a similar bullish stance, well-known Crypto analyst Ali has shared a bullish outlook on Dogecoin, predicting a potential breakout. His analysis points to the Relative Strength Index (RSI) breaking its descending trendline on the daily chart, indicating a possible shift in the market.
Ali suggests that for Dogecoin to fully enter a bullish phase, it must first break through the key $0.11 resistance level. If successful, this could trigger a rally and push DOGE to test new highs, marking the next phase of its upward movement.
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Doge Price Analysis
As of now, Dogecoin is trading at $0.11, showing a modest 1% increase following the Federal Reserve’s decision to cut interest rates by 50 basis points. Despite this upward movement, DOGE remains 8% below its crucial 200-day exponential moving average (EMA) at $0.117.
However, this level is important for establishing long-term bullish momentum, as it has historically indicated market direction.
Meanwhile, Analysts suggest DOGE could reach the next resistance level at $0.16 before potentially rising to $0.21. However, if it fails to break above the $0.11 resistance, DOGE may drop back to support levels around $0.097.
