Dogecoin breaks the 50-day trendline as HH-HL structure forms, signaling early reversal potential.
$0.17 seen as key resistance; clearing it may open upside to $0.20 and possibly $0.26.
RSI climbs from 35 to 40.43 as volume rises 13%, indicating growing bullish momentum.
Dogecoin has broken above a key 50-day trendline on the daily chart, signaling a possible change in short-term market direction. The current price action shows a higher high (HH) and a higher low (HL), and analysts suggest that another higher low could further confirm a potential trend reversal. At the time of writing, Dogecoin was trading at $0.1614.
Breakout Above Trendline and Chart Structure Development
According to analysis prepared by Trader Tardigrade, Dogecoin has moved above a 50-day descending trendline. This technical level had previously acted as resistance during its recent downtrend.
https://twitter.com/TATrader_Alan/status/1940010510487028207
The break of this line, along with the formation of higher highs and higher lows, shows that DOGE may be starting to build upward momentum. The daily chart has also shown a double-bottom pattern near the $0.1445 level.
This chart pattern has two clear support points and a neckline set at $0.2596. Based on the height of the formation, the calculated target is $0.3753. However, this outlook may become invalid if DOGE falls below the double-bottom level of $0.1445.
Volume Increase and RSI Momentum Support Bullish Setup
Market data shows Dogecoin’s 24-hour trading volume rose by 13% to reach $815 million. This increase suggests more participation from traders as the coin approaches short-term resistance.
Analysts have pointed out that volume expansion, especially after a breakout, can support the continuation of a move. The daily Relative Strength Index (RSI) has moved to 40.43, rising from recent lows around 35.43.
According to an observation by Dariusz Kowalczyk, this RSI area has previously supported price recoveries. $0.17 remains an important resistance zone. If Dogecoin clears that level, it may open the path toward $0.20 and potentially $0.26.
The post Dogecoin Breaks 50-Day Trendline as HH-HL Pattern Forms, Here’s Why Analysts Are Watching $0.17 appears on Crypto Front News. Visit our website to read more interesting articles about cryptocurrency, blockchain technology, and digital assets.
