Doge Days Soar: Dogecoin (DOGE) Price Breaks Out Strongly, How High Can It Rise?
The Dogecoin (DOGE) price has confirmed the previous resistance level as support and broke above the short-term resistance. It is expected to continue to rise in the near future.
The Dogecoin (DOGE) price broke through the long-term falling wedge pattern in the week from November 6 to 12, 2023. This shows that the previous downtrend has ended and DOGE may have started a new uptrend.
Indeed, after confirming the resistance line of the pattern as support in the next 2 weeks (yellow arrow), the DOGE price broke through the horizontal resistance level of $0.079 and surged to the next resistance level at $0.11.
Last week, the DOGE price confirmed the $0.079 level as support (green arrow). This move has created a higher low, the first sign of a new uptrend.
The weekly RSI indicator has bounced from the 50 level and is sloping upwards, supporting the possibility of further upside.
Therefore, the DOGE price may continue to rise to the resistance level of $0.11. Breaking through this level will confirm the long-term uptrend and the DOGE price may rise to the next resistance level at $0.15. This figure corresponds to an increase of 80.42% compared to the current price.
Short-term resistance breakout
The daily chart shows that the DOGE price broke through the short-term descending resistance line and the horizontal resistance level of $0.085 with a large bullish candle. This shows that the short-term decline from the local high of $0.11 has ended and the DOGE price has resumed its uptrend since October 2023.
The daily RSI indicator has surged above the 50 level and is sloping upwards, indicating that the bull camp has regained control.
Therefore, the DOGE price may rise to the resistance level of $0.11 in the coming days.
The most likely prospect shows that the DOGE price will continue to rise in the near future. The nearest target is $0.11 and higher to $0.15.
The bullish view will be invalidated if the DOGE price breaks down below the $0.079 level on the daily timeframe.
Disclaimer: Please note that this article is for informational purposes only and should not be taken as investment advice. As an investor, it is important to do your own research before making any decisions. We are not responsible for any investment decisions you make based on this information. Not Financial Advice.
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