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Cryptocurrency News Articles
Dogecoin Price Breaks 6-Month Downtrend: Is DOGE Primed for a Rally?
Sep 27, 2024 at 09:00 am
Mikybull, a famous analyst on Twitter, updated his 73.2k followers that Dogecoin's (DOGE) price has broken out of a 6-month-long downtrend.
Dogecoin (DOGE) price action has shown a breakout from a six-month downtrend, highlighting potential bullish momentum.
Dogecoin Price Breaks Downtrend, Signaling Bullish Shift
Mikybull Crypto, an analyst with 73.2k followers on X, shared the latest development in Dogecoin’s price chart. The analysis points out a breakout from a descending trendline that has been in place for six months.
Mikybull’s chart shows DOGE price moving above a resistance level, indicating a potential shift in the bearish trend. The breakout is accompanied by a move to higher highs, suggesting a potential reversal of the downtrend.
Moreover, the breakout is crucial for DOGE price, as it could lead to further momentum if the cryptocurrency manages to hold above the breakout level. This shift indicates that buyers may be regaining control after months of downward pressure.
Ali Charts, another crypto analyst, adds to the analysis with an observation of a relative strength index (RSI) breakout. The RSI, which tracks momentum, has been rising, indicating growing buying pressure after months of weakness.
The DOGE chart also shows a SuperTrend Buy signal, which is another bullish indicator commonly used to predict market direction. Together, these two technical indicators support the potential for Dogecoin to continue its upward trajectory.
According to Ali’s chart, DOGE could face resistance near the $0.14 level, but there is optimism for further growth if it can maintain the current momentum.
Could Dogecoin Price See a Potential 45% Upside?
Both analysts highlight the potential for Dogecoin to rise even further. Ali’s analysis suggests a potential 45% price increase from the current levels, which could see DOGE testing the $0.14 mark and beyond.
Finally, with the RSI and SuperTrend providing strong support for this outlook, Dogecoin appears to be entering a period of increased bullishness.
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