Dogecoin (DOGE), one of the most popular meme coins, is watching a potential start of new bullish movement. However, there is an important level that may impede growth.
Current Situation with Dogecoin
Currently, Dogecoin hovers around $0.168. This resistance level essentially questions the likelihood of a significant breakout. In light of a recent rise, Dogecoin managed to push above the 23-day moving average, suggesting a possible short-term bullish momentum.
Key Levels and Movement Potential
The next major barrier for Dogecoin is the 50-day moving average. A breach of this level could trigger a greater move, possibly towards the 200-day moving average at around $0.247, which represents a potential 50% increase from current levels. However, this structure requires sequential signals rather than immediate actions.
Future Prospects
The potential formation of a golden cross between the 23-day and 50-day moving averages adds optimism for market participants. The completion of this formation could pave the way for further Dogecoin growth. Nevertheless, this does not guarantee immediate results but indicates a gradual build-up of signals.
The next few sessions will be crucial for Dogecoin. A sustained break above the 50-day moving average could shift the consolidation phase into a more aggressive bullish phase.
