MEXCDogecoin Price Prediction: Key Resistance Breakout Hints 22% Rally Ahead
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.
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.
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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