Dogecoin #doge Surges Past $0.20, Causing $13 Million in Liquidations

How far can Dogecoin’s rally go?

Dogecoin is showing strong upward momentum after breaking out of a bullish pattern called an inverse head and shoulders on the daily chart. This breakout suggests a possible 33% price increase, aiming for $0.24. The target is based on the size of the pattern.

Currently, DOGE is holding above the 100-day EMA at $0.20, which supports the idea that the price could keep climbing toward $0.24 soon.

Technical indicators back this outlook. The MACD is bullish, with growing green bars suggesting strong upward pressure. However, the RSI is at 70.31, entering overbought territory, which sometimes leads to pullbacks as traders take profits.

If Dogecoin drops below $0.20, the next support level would be around the 50-day EMA at $0.18 before any new attempt to move higher.

source:https://www.fxstreet.com/cryptocurrencies