If Dogecoin rises to 1 dollar, can today's investment of 1000 turn into 5000? The formula for getting rich with DOGE is here!
Dogecoin (DOGE) has strongly broken through the psychological barrier of 0.20 dollars, surprising the cryptocurrency market with a daily increase of nearly 10%. This cryptocurrency, favored by internet celebrities,
On the daily chart, Dogecoin has decisively broken out of a consolidation phase that lasted for a month, which was once hindered at the resistance level of 0.18 dollars. The breakout is accompanied by a bullish crossover of moving averages, with the 20-day and 50-day simple moving averages (SMA) currently showing an upward trend. It is worth noting that Dogecoin has broken through the 100-day SMA and is currently approaching the long-term 200-day SMA resistance level near 0.26 dollars. This indicates that bullish momentum is strengthening, especially as the trading volume confirms this trend.
The Accumulation/Distribution Line (ADL) is also on an upward trend, indicating that funds flowing into the price of Dogecoin are consistent and stable. If the current ADL trend continues, the price may accumulate enough strength to retest the high near 0.30 dollars from February.
The hourly chart further validates the bullish breakout. Dogecoin has formed a nearly parabolic upward trend, with all short-term moving averages (20, 50, 100, and 200) clearly indicating a bullish trend. In the past few hours, the K-line chart of Dogecoin has clearly defended the support level of the 20-day moving average, reinforcing the structure of the upward trend. The hourly chart ADL also shows a significant rise, confirming strong buying interest in the lower time frame.
If Dogecoin maintains above 0.20 dollars, we may see it quickly rush towards the resistance levels of 0.23 dollars to 0.26 dollars. If a breakout of the 200-day moving average is confirmed, it will open the door to retest 0.30 dollars or even higher levels.
However, if it fails to hold above 0.20 dollars, it may trigger a pullback to the breakout area near 0.18 dollars. This area currently acts as strong support and is reinforced by converging moving averages, making it a key level that bulls need to defend.
