Dogecoin (DOGE) has exceeded the $0.16 level, attracting analysts' attention. We examine key factors influencing its potential movement.
Break Above $0.16
Dogecoin has broken out of a multi-month bear trend and is holding above the $0.16 level, which has served as a resistance zone. Analyst Ledger Bull has pointed to three possible upside targets: $0.20333, $0.22899, and $0.25383, depending on the continuation of buying pressure.
Retesting Long-Term Trendline
Analyst Trader Tardigrade noted that Dogecoin is retesting a long-term descending trendline on the 4-hour chart. This line, drawn from a series of lower highs from late May to mid-June, previously acted as a ceiling for every rally attempt. The target zone for the retest is around $0.158 to $0.162.
Fractal Pattern Suggests Potential Upsurge
Analyst GalaxyBTC noted that Dogecoin's price structure resembles the pattern from 2015 to 2017 when the asset underwent a three-wave accumulation pattern before launching into a significant uptrend. Current conditions mirroring historical data may signal the onset of a bullish phase for Dogecoin.
The breakout above $0.16 and the retest of the key trendline provide a foundation for possible price growth of Dogecoin. Analysts anticipate that with further confirmation of this structure, DOGE may continue to rise.
