Key Levels to Watch As DOGE Price Closes to a Decisive Breakout

Key Levels to Watch As DOGE Price Closes to a Decisive Breakout

Increasing demand pressure near $0.059 could bolster the DOGE price for a deceive breakout above a crucial resistance

Published 9 seconds ago

On September 26, the DOGE price showed significant buying activity at the $0.059 support level—a zone that has remained unbreached on a daily candle close for nearly a year. With the renewed buying pressure from this support, the buyers are likely to challenge the overhead resistance to reclaim higher ground. Here are the key chart levels that interested traders must keep an eye on.

Also Read: Memecoin Price Analysis: DOGE, PEPE, SHIB, BONE; Winners And Losers

Will DOGE Price Reclaim $0.065?

  • The DOGE price may continue a sideways trend with the overhead trendline and $0.059 mark.
  • The $0.059 stands as a strong support zone for buyers.
  • The 24-hour trading volume in Dogecoin is $95 Million, indicating an 18% loss.

Dogecoin PriceSource-Tradingview 

By the press time, the Dogecoin price is trading at $0.061, posting a 1% intraday gain. Despite this, the coin has largely moved sideways over the last five weeks, establishing a short-term sideways trend. 

During this lateral price action, this memecoin is on a trajectory to meet a downward-sloping resistance trendline. The price has already been repelled three times from this trendline, suggesting that sellers are strongly defending this level. 

Should the collision with this resistance lead to an increase in supply pressure, the DOGE price might retest the $0.059 level. Thus, both the $0.059 horizontal level and the overhead resistance remain Influential factors for Dogecoin’s price. 

Until either of these levels is decisively broken, the price is likely to consolidate within a narrow range.

Should Dogecoin buyers manage a decisive breakout above the overhead resistance trendline, this would provide solid ground for a bullish rally. Such a breakout would signal a change in market sentiment and could pave the way for a fresh recovery. The post-breakout rally would likely surge the prices to an early target of $0.068, reflecting a 12% potential gain.

DOGE vs BTC Performance

DOGE VS BTCSource: Coingape| Dogecoin vs. Bitcoin Price

A look at the last six months’ price behavior indicates the Dog-themed memecoin DOGE has been underperforming compared to Bitcoin price. The DOGE/USDT chart shows a sustained downtrend with new sets for lower lows, while the BTC price continues its mid-term sideways trend.

  • Bollinger Band: The narrow range of Bollinger band indicators reflects rising volatility.
  • Relative Strength Index: For every price retest to $0.059 support, the RSI slope shows a higher swing low, indicating increasing buying activity from traders.

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Sahil is a dedicated full-time trader with over three years of experience in the financial markets. Armed with a strong grasp of technical analysis, he keeps a vigilant eye on the daily price movements of top assets and indices. Drawn by his fascination with financial instruments, Sahil enthusiastically embraced the emerging realm of cryptocurrency, where he continues to explore opportunities driven by his passion for trading

The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.


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