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Dogecoin Price On The Move With $0.4484 Breakout in Bulls' Crosshairs
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Dogecoin Price On The Move With $0.4484 Breakout in Bulls’ Crosshairs

Godspower Owie
Godspower Owie
6 months ago
3 mins read
Dogecoin

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The Dogecoin price is showing signs of renewed bullish momentum as the price sets its sights on the key resistance level of $0.4484. Following a steady rise, the bulls appear determined to push through this barrier, potentially setting the stage for a breakout that could spark further gains. As market sentiment shifts in favor of the buyers, all eyes are on DOGE to see if it can sustain its upward strength and reach this ambitious target.

This analysis aims to assess Dogecoin’s uptrend as it approaches the critical $0.4484 resistance level, exploring whether the bulls have the strength to achieve a breakout. By examining current price trends, key technical indicators, and potential support and resistance levels, this piece aims to provide insights into DOGE’s near-term prospects. It will also consider the implications for traders if DOGE successfully breaks through or encounters resistance at this key level.

DOGE Bulls Eye Key Resistance At $0.4484

The Dogecoin price has held strong above the 100-day SMA on the 4-hour chart, signaling bullish momentum. After breaking the $0.3563 resistance, DOGE established a support base and now targets $0.4484. This movement suggests buyer control and a breakout at this level could lead to more gains, strengthening the current uptrend and attracting more optimistic interest.

Dogecoin
Dogecoin holding strong above the 100-day SMA | Source: DOGEUSDT on Tradingview.com

An analysis of the 4-hour Relative Strength Index (RSI) reveals a sustained upsurge, with the RSI rising to 91% after breaking above the 50% mark, indicating a strengthening buying pressure as the market shifts from a bearish phase to a more neutral or bullish stance. With the bulls firmly in control, this upward momentum suggests the possibility of additional price increases if buying strength continues.

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Additionally, the daily chart shows that Dogecoin is facing significant upward pressure, as evidenced by the formation of bullish candlestick patterns. The asset’s position above the critical 100-day SMA further supports this positive trend. As DOGE continues on this path, it strengthens the optimistic sentiment in the market, paving the way for additional gains as it targets the $0.4484 mark.

Dogecoin
DOGE bulls aiming at the $0.4448 level | Source: DOGEUSDT on Tradingview.com

Lastly, the RSI on the daily chart is at 92%, signaling strong positive movement after recovering from a dip to 57%, suggesting a shift in market sentiment with increased buying pressure. While the elevated RSI indicates potential for more growth, sustained overbought levels could lead to a correction if buying pressure slows.

The Significance Of $0.4484 For The Dogecoin Price

The $0.4484 level holds significant importance for the Dogecoin price, as it represents a key resistance point that could trigger a possible breakout. Should Dogecoin successfully surpass this level, it could pave the way for further upward movement, extending the current bullish trend and targeting the next resistance at $0.5920.

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Dogecoin Price Is About To Complete This Breakout To A Descending Megaphone Pattern, Is $1 Next?

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However, if the level holds as resistance, DOGE may face a period of consolidation or pullback before making another attempt at breaking through.

Dogecoin
DOGE trading at $0.42 on the 1D chart | Source: DOGEUSDT on Tradingview.com
Featured image from Adobe Stock, chart from Tradingview.com
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Godspower Owie
Godspower Owie

Godspower Owie

My name is Godspower Owie, and I was born and brought up in Edo State, Nigeria. I grew up with my three siblings who have always been my idols and mentors, helping me to grow and understand the way of life.

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I was exposed to the cryptocurrency world 3 years ago and got so interested in knowing so much about it. It all started when a friend of mine invested in a crypto asset, which he yielded massive gains from his investments.

When I confronted him about cryptocurrency he explained his journey so far in the field. It was impressive getting to know about his consistency and dedication in the space despite the risks involved, and these are the major reasons why I got so interested in cryptocurrency.

Trust me, I’ve had my share of experience with the ups and downs in the market but I never for once lost the passion to grow in the field. This is because I believe growth leads to excellence and that’s my goal in the field. And today, I am an employee of Bitcoinnist and NewsBTC news outlets.

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Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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