Dogecoin: Where to?
Technical indicators and recent market movements suggest that Dogecoin (DOGE) is nearing a significant price breakthrough that could drive it towards new historical levels, amidst increasing buying momentum, notable accumulation by large investors, and continued market positivity in perpetual contracts.
The most famous meme cryptocurrency recorded a price of $0.2280 on Tuesday, up 75% from its lows in April, reflecting a strong return of purchasing confidence and rising momentum since the beginning of the second quarter of the year.
An upward technical pattern signals a strong breakout
Technical analysis shows the formation of a 'bullish flag' pattern on the daily chart, which is one of the strongest continuation patterns, and typically signals sharp rises after a period of consolidation. This coincides with the coin nearing the formation of a mini golden cross between the 50-day and 100-day moving averages, which enhances the likelihood of a technical breakout in the coming days.
In case the breakout is confirmed, attention is expected to shift towards the next resistance level at $0.4815, which represents the highest peak the coin recorded in November 2023, an increase of over 110% from the current price. Conversely, falling below the $0.20 level could weaken this scenario.