Dogecoin (DOGE), a dog-themed cryptocurrency, may be on the verge of a major bullish breakout, according to a prediction by prominent crypto analyst Ali Martinez.
Current Situation Analysis
Ali Martinez, who has been closely monitoring Dogecoin's price movement in recent weeks, pointed out in a recent tweet that one of the two conditions necessary for Dogecoin to achieve a breakout has already been achieved.
> #Dogecoin is gearing up for a bullish breakout! And one of the two conditions has been achieved: ✅The RSI broke the descending trendline on the daily chart. ⭕️Now we need $DOGE surging past the $0.11 resistance!
What’s Left for a Breakout?
While the RSI breakout is a promising sign, Ali stated that what's now left for a bullish breakout for the Dogecoin price is a clear break above the key resistance level at $0.11, which has proven to be challenging for Dogecoin in recent weeks. As reported, Ali indicated in an earlier tweet that $0.11 stands as a critical level for a Dogecoin breakout given the enormous amount of coins held at this level. A break above $0.11 would likely attract more buyers, possibly leading to a sharp upward move, pushing the price of DOGE towards $0.12 and then to $0.14.
Current Price and Predictions
At the time of writing, Dogecoin was down 2.91% in the last 24 hours to $0.105. If the decline is sustained and Dogecoin breaks below the daily SMA 50 at $0.102, the price could retest the $0.09 support. Dogecoin surged this week following the Federal Reserve's long-anticipated rate cuts on Wednesday. Dogecoin rallied for five days in a row after beginning to increase last Tuesday, encountering resistance at $0.11, indicating that this level is a significant barrier for the Dogecoin price.
In summary, Dogecoin is in the spotlight as traders and analysts watch for the $0.11 resistance level to be surpassed. If this happens, the price could rise sharply, setting new levels for bullish movement.
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