Dogecoin Price Prediction: Key Resistance Breakout Hints 22% Rally Ahead

Dogecoin Price Prediction: Key Resistance Breakout Hints 22% Rally Ahead

Time Stamp: December 10, 2023 5:50 AM

Dogecoin Price Prediction: The DOGE price continues the bullish recovery at an extraordinary speed, teasing a run above $0.10.

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DOGE Price

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Published 1 hour ago

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Dogecoin Price Prediction:  After overcoming the long-term correction phase for the entirety of 2023, Dogecoin price took a trend-reversal action with the October rally. Giving an overhead resistance trendline breakout in the weekly chart with the Uptober rally, the meme coin started a bullish frenzy. Starting the uptrend at $0.059 the buyers help DOGE leap off to the $0.10 psychological mark. 

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With the momentum growing stronger, the DOGE price accounts for a 67% jump in the last eight weeks and approaches the next resistance at the $0.11 psychological zone. Will the dog-themed coin shoot past the resistance, or is a reversal looming at the corner?

Also Read: Dogecoin (DOGE) Price Soars 10%, Vitalik Buterin Wants Twitter HQ In Switzerland

Is DOGE Heading to $0.12?

  • The DOGE price trend shows seven bullish candles in the last eight weeks, resulting in the ongoing breakout rally.
  • The reversal rally surpasses the 200-week EMA and supports the bullish crossover with the 50-week EMA.
  • The intraday trading volume in Dogecoin is $846 Million, indicating a 31% loss.
TradingView Chart
Dogecoin Price Prediction TradingView Chart

In the last two months, the Dogecoin price has found an exponential increase in the trend momentum, resulting in a sharp reversal. Mostly making bullish candles, the meme coin finally reaches the $0.10 mark within eight weeks. 

Starting the week at $0.085, the DOGE pricr experienced a sharp boost as the overall market bounced back. The meme coin approaches the overhead resistance zone, leading to a 15% jump and reaching a 52-week high of $0.10645. 

In short, the momentum grows for meme coins with the trendline breakout and the overall market recovery. Currently, the Dogecoin trades at $0.0997 with an intraday gain of 1.12%.

Dogecoin Ready For A Take-Off!

The Dogecoin (DOGE) recovery recently surpassing the $0.10 psychological level will bring notable changes in its market price. With a breakout rally, the meme coin will result in a brawl at the overhead resistance zone at $0.12. Further, the weekly chart signals a monumental breakout trend for Dogecoin if it exceeds $0.12 in 2024. 

  • EMAs: An upswing in the market price drives the 50-week EMA on a positive track and teases a golden crossover with the 200-week EMA. 
  • MACD: The MACD and signal lines continue the upside rally and gain momentum as the bullish histograms rise.

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Sahil is a dedicated full-time trader with over three years of experience in the financial markets. Armed with a strong grasp of technical analysis, he keeps a vigilant eye on the daily price movements of top assets and indices. Drawn by his fascination with financial instruments, Sahil enthusiastically embraced the emerging realm of cryptocurrency, where he continues to explore opportunities driven by his passion for trading

Dogecoin Price Prediction: Key Resistance Breakout Hints 22% Rally Ahead PlatoBlockchain Data Intelligence. Vertical Search. Ai.

The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.

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