Bulls
in
Dogecoin
(DOGE)
seem
to
have
stepped
up
their
game
as
the
daily
price
chart
of
the
biggest
meme
coin
in
the
world
is
trending
positively,
fueling
speculations
about
an
impending
rally.
Kevin
Capital,
a
cryptocurrency
market
expert
and
enthusiast
has
offered

insights

on
DOGE’s
price
action,
confirming
an
effective
break
out
for
the
crypto
asset,
as
it
surpasses
the
$0.153
resistance
level.

 

Dogecoin
Surpasses
the
$0.153
Resistance

It
is
noteworthy
that
the
crypto
analyst
Kevin
previously
predicted
that
for

Dogecoin

to
move
higher
it
needs
to
break
above
the
$0.153
level
and
the
200
Simple
Moving
Average
(SMA)
in
the
4-hour
timeframe.
“When
it
comes
to
Dogecoin
all
DOGE
needs
to
do
to
have
a
higher
chance
of
playing
out
the
potential
inverse
head
and
shoulders
is
a
break
above
the
4-hour
200
SMA
and
the
$0.153
level,”
he
stated.

Related
Reading

At
the
time,
Kevin
noted
that
DOGE
has
repeatedly
tried
to
reach
this
moving
average
and
has
been
turned
down.
Thus,
should
the
crypto
asset
break
out
of
and
maintain
this
moving
average,
he
expects
an
upswing
to
the
$0.22
price
level.

According
to
the
analyst,
the
development
has
successfully
manifested
today,
as
the
digital
asset
has
surpassed
the
$0.153
level
and
the
200
moving
average.
Given
Kevin’s
prognosis,
Dogecoin
will
have
to
sustain
this
area
to
see
a
further

upsurge.

If
DOGE
manages
to
hold
during
any
prospective
backtest
and
thereafter,
Kevin
has
placed
his
inverted
head
and
shoulders
target
at
$0.18
and
$0.22,
if
it
is
within
reach.

 

The
post
read:

Update
on
the
Dogecoin
chart.
We
have
officially
broken
above
the
$0.153
level
and
the
200
SMA
on
the
4HR.
We
need
to
hold
this
area
on
any
potential
backtest
and
then
.18
cents
and
the
inverse
head
and
shoulders
target
of
$0.22
cents
if
right
in
reach.

This
accomplishment
coincides
with
a
spike
in
the

meme
coin

market’s
favorable
sentiment,
which
indicates
increased
investor
trust
and
interest
in
these
digital
assets.
With
breakouts
and
decouplings
occurring
all
over
the
place
over
the
past
few
days,
meme
coins
had
an
eye-catching
start
to
the
week.

Several
Support
Levels
For
DOGE
And
Their
Significance

Dogecoin’s
recent
price
upswing
has
triggered
an
optimistic
outlook
from
multiple
crypto
experts.
Another
analyst
who
has
shared
a
positive
prediction
for
the
meme
coin
is
Crypto
Daily
Trade
Signals.

Crypto
Daily
Trade
Signals
has

delved

into
the
current
support
levels
for
DOGE
and
the
potential
price
trajectory
following
a
breakout.
According
to
the
channel,
the
50-day
EMA
at
$0.1652
is
serving
as
a
resistance
level
at
the
moment.
Should
DOGE
break
past
this
barrier,
it
could
trigger
the
start
of
a
bull
run
for
the
coin.

Related
Reading

Furthermore,
the
channel
noted
that
the
100-day
EMA
around
$0.1434
is
presently
offering
support,
indicating
that

DOGE

has
a
cushion
against
additional
drops.
Meanwhile,
the
200-day
EMA
is
acting
as
a
strong
long-term
support
level
at
$0.1237.

 

During
the
time
of
writing,
Dogecoin
was
demonstrating
an
upward
momentum
of
over
6%
in
the
past
week,
trading
at
$0.1549.
Its
trading
volume
and
market
cap
have
both
increased
by
over
11%
and
3%
respectively
in
the
past
day.

Featured
image
from
iStock,
chart
from
Tradingview.com

Go to Source
Author: Godspower Owie

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