- Dogecoin has been in a southerly trajectory in the daily chart with the RSI now bouncing up and breaking through the descending trendline to indicate an opportunity for bulls.
- The critical resistance level of 0.11 USD is, therefore, the crucial level to watch to affirm the breakout on Dogecoin.
- If it breaks above $0.11, then another push can be seen that may bring the price up by 45%, but if it fails, the price can consolidate or reverse to the bearish side.
There are some technicals that have occurred recently which suggest that Dogecoin is almost due for a breakout. The digital currency, which has experienced waning popularly over the course of 2024, is now displaying clear bullishness. Interestingly, at least one technical metric, the Relative Strength Index (RSI), has fallen below a declining trend line that tracks meme coin’s increasing momentum.
However, before the breakout can be considered confirmed, Dogecoin has to cut through a very important resistance level.The first bullish sign for a potential Dogecoin pump was when RSI reclaimed the broken descending trend line on D1.The RSI is currently at 51, which indicates DOGE is fairly balanced and slightly oversold.
If the declining RSI trendline is interrupted, it may be indicative of a shift whereby sellers are less aggressive, and buyers are taking over. This development has opened the door towards a possible bullish breakout but is only the first of the two prerequisites.
Resistance at $0.11 Still in Focus
Despite this, what we have here is a bullish breakout of the RSI indicator, but the price of Dogecoin must break through a critical resistance level to affirm an upward movement. The $0.11 mark is still an important level, and further evidence of an extended rally will only be given if this level can be cleanly broken. Hence, until this level is broken, traders and investors may continue to exercise care owing to prevailing market conditions.
For traders that pay attention to the Dogecoin price, the current price formation offers an attractive context. Currently, Doge is trading at$0.1091 with a price increase of 4.1%. If the price does break this $0.11 resistance level it could lead to an increase of 45%. But if it cannot get out of this level, it can continue going down or consolidate and possibly drop back to bear territory.
The post Dogecoin’s Bullish Momentum Builds, but Can It Break $0.11? appeared first on Crypto News Land.
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