Dogecoin (DOGE) Price Analysis: Will the Bullish Trend Push the Price Past the $0.50 Mark?

Amid the broader market trends, Dogecoin continues to maintain its bullish momentum, holding above the $0.40 mark. Additionally, Dogecoin's market cap remains above $61 billion.

Dogecoin (DOGE) price continues to consolidate within a rising channel on the 4-hour timeframe. Currently, DOGE’s bullish advance is facing a hurdle at the $0.44 level within the rising channel. This suggests a strong supply zone is present at these levels, restricting the bullish momentum.

However, a short-term recovery has resulted in a local support trendline forming within the channel, creating an ascending triangle pattern. At the moment, the DOGE price is propped up by the confluence of the local support trendline and the 50 EMA on the 4-4hrの時間枠.

As Dogecoin approaches the apex of the ascending triangle pattern, the bullish sequence is likely to continue with a breakout rally. The EMA lines on the 4-hour chart maintain a bullish alignment, supporting the uptrend.

However, the MACD and signal lines have undergone a bearish crossover and are trending lower with increasing momentum bars. Hence, the dynamic moving averages and momentum indicators provide contrasting signals regarding the upcoming price trend.

The $0.44 supply zone aligns with the 23.60% trend Fibonacci retracement level. Considering these levels, a breakout rally would target the 38.20% Fibonacci level at $0.4944, which coincides with the overhead resistance trendline.

Therefore, a breakout above the $0.44 zone could propel Dogecoin toward the $0.4944 level. In a bearish scenario, a breakdown of the support trendline would test the 100 EMA at around $0.3936.

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