A breakout DOGE has recently achieved from a descending channel that the asset has been stuck in for over half a year.
Identified Bullish Momentum in Dogecoin
The chart reveals that DOGE, which had previously been trading within a horizontal channel for roughly two years between July 2022 and July 2024, experienced fluctuations between a lower trend line of $0.05 and an upper level of $0.1181.
DOGE peaked at $0.2100 in March before entering its descending pattern. Now, signs indicate that DOGE might be breaking free from this downward trend.
The longer-term chart for DOGE could be considered “constructive,” supporting his analysis with the encouraging message, “Get along little doggie.” So far, DOGE has been riding the positive wave seen in the broader crypto market.
Other Bullish Indicators for DOGE’s Momentum
DOGE has experienced a Relative Strength Index (RSI) and price breakout from multi-month downtrends.
Furthermore, the asset has received a buy signal from the SuperTrend indicator. These developments indicate that momentum is potentially shifting toward the meme-based cryptocurrency.
Before DOGE’s surge above $0.12 today, Ali had set specific conditions for a full-fledged bullish rally for the asset. These conditions included breaking the descending trendline of RSI on the daily chart and pushing past a resistance level of $0.11.
#Dogecoin is gearing up for a bullish breakout! Watch for two key signals:
First, RSI breaking the descending trendline on the daily chart.
And second, $DOGE surging past the $0.11 resistance
With DOGE successfully achieving both conditions, the analyst’s sentiment has grown increasingly positive about the possibility of an extended rally.
DOGE’s ability to break key technical levels provides a favorable outlook for further price appreciation, indicating that the current rally might not be just a short-term burst.