On August 14, the price of Bitcoin quickly fell back after breaking the historic high of $124,000, dropping below $120,000, and as of the time of writing, it stands at $118,479, down 5% within 24 hours. A total of 224,847 people across the network were liquidated, with a total liquidation amount of $1.031 billion.
This sharp decline has affected the entire cryptocurrency market, with Ethereum down 4% to $4,581, Ripple down over 3% to $3.11, and major cryptocurrencies like Dogecoin, Solana, and BNB also dropping over 3%. Nevertheless, Dogecoin (DOGE) shows strong bullish momentum, breaking through the resistance level of $0.2533 and approaching the key $0.27 mark.
DOGE breaks through the resistance level of $0.2533
Dogecoin breaks above the 5-day moving average and surpasses the 10-day and 20-day moving averages, with trading volume significantly increasing alongside the price, indicating strong demand and technical support for further rises.
If it successfully breaks through $0.27, Dogecoin may see a multi-stage rebound, with target price levels possibly reaching $0.31, $0.39, or even above $0.50.
Dogecoin daily chart forms a classic cup and handle pattern
After bouncing back from the low in June, the price is testing the resistance level of $0.27 again. The current handle is forming, with mild pullbacks and reduced trading volume, indicating weakened selling pressure and buyers quietly accumulating strength.
This consolidation often signals a breakout, as the market shifts from profit-taking to a new round of buying. If it breaks through $0.27, the upward momentum may accelerate.
However, as the RSI approaches overbought levels and MACD shows positive divergence, short-term pullback risks need to be monitored. As long as the price maintains higher lows, the overall bullish trend remains unchanged, and breaking through $0.27 will drive Dogecoin further upward.
