The price of Dogecoin (DOGE) has once again caught the attention of traders, jumping above the $0.19 mark and increasing by 18% in just one day. This rise has been attributed to a breakout from the downtrend that has been in place since May.
Dogecoin Price Rise and Its Causes
Analyst CryptoRand noted that DOGE managed to break free from the downtrend that had been limiting its movement since May. The chart indicates that this is not the first time such a breakout has occurred, and past cases have often led to significant upward movements.
Key Support and Resistance Levels
DOGE not only broke out of its downtrend but also emerged from a significant support zone between $0.155 and $0.165. This level has proven strong multiple times, and after several tests, DOGE was able to bounce back and rise above $0.19. The next resistance is expected around $0.22 to $0.25.
Forecasts and Possible Future Movements
In the near future, DOGE will face significant challenges. If the price can push through the $0.25 level and hold it, there is a possibility of moving towards the next key levels between $0.33 and $0.35. However, if DOGE cannot stay above $0.19, a pullback to $0.165 is on the table. Traders are closely monitoring the movements to evaluate the strength of the current rise.
The sharp rise in Dogecoin's price has generated widespread interest in the crypto market. The future of DOGE depends on overcoming key levels and the behavior of traders. Attention should be paid to movements in the ranges from $0.19 to $0.25.
