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Dogecoin (DOGE) has finally broken through the crucial $0.12 resistance level, marking an important milestone as it rises to catch up with the broader cryptocurrency market rally. After weeks of struggling below a key supply zone, DOGE made a strong move higher, sparking optimism among analysts and investors alike.
Many investors believe that this breakout could signal the beginning of a more sustainable rise for the meme coin.
Senior Analyst Dan recently shared key insights, indicating a bullish outlook for Dogecoin in the coming weeks. According to his analysis, a breakout from $0.12 opens the door for DOGE to capitalize on the current market momentum.
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As Bitcoin and other major altcoins continue to gain strength, Dogecoin investors are closely watching confirmation of bullish continuation, hoping for further upside potential.
With the market rising and Dogecoin now free of previous struggles, many expect the meme coin to post impressive gains in the near term.
Dogecoin movements
Dogecoin has risen more than 33% since Monday, and is now holding above the previous resistance level, keeping the price moving upward. This rise has sparked optimism among analysts and investors, as overall market sentiment remains positive, and many believe Dogecoin is poised for further gains in the coming weeks.
Leading analysts and investors Daan shared technical analysis on Xhighlighting the importance of the recent DOGE hack. According to Dan, Dogecoin successfully broke the crucial horizontal level of $0.12 and the 200 daily moving average (MA).
He noted that this breakout indicates “largely clear skies” for the meme coin, as there is little resistance above this point. However, he also emphasized that $0.12 remains a key level, acting as a invalidation point if the price drops below it.
Despite the impressive performance of other meme coins on the market, Dogecoin has lagged behind in recent months. However, with this breakout, many believe that DOGE has finally caught up, and the coming weeks could see a more significant rally for the popular cryptocurrency.
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As market conditions remain favorable, all eyes are on Dogecoin to see if it can continue to build on this momentum and push towards higher price levels.
DOGE price action
Dogecoin is currently trading at $0.14 after a 4% rebound from its recent high of $0.147. This rally saw DOGE break above both the 200-day moving average (MA) and the exponential moving average (EMA), confirming the bullish outlook for the meme coin in the coming weeks.
Analysts and investors are optimistic that Dogecoin will continue its upward momentum, driven by positive market sentiment.
However, there is a risk that DOGE could face downward pressure if it fails to stay above the crucial $0.129 mark, which corresponds to the 200-day moving average.
A drop below this level could trigger a deeper bounce, testing the strength of the recent rally. With market conditions remaining volatile, next week will be key to determining whether DOGE can maintain its uptrend or whether it will enter a period of consolidation or further correction.
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Traders are watching this support level closely, as a successful hold above $0.129 would likely indicate more upside potential, while a break below could dampen the current bullish sentiment. All eyes are on Dogecoin to see how it performs in the critical days ahead.
Featured image by Dall-E, chart from TradingView
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