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Breaking News: Trump Prepares To Allow Crypto Investments In $9 Trillion Retirement Market

Dogecoin Successfully Breaks Out Above $0.153, What Next?

Godspower Owie
Godspower Owie
1 year ago
3 mins read
Dogecoin

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Bulls in Dogecoin (DOGE) seem to have stepped up their game as the daily price chart of the biggest meme coin in the world is trending positively, fueling speculations about an impending rally. Kevin Capital, a cryptocurrency market expert and enthusiast has offered insights on DOGE’s price action, confirming an effective break out for the crypto asset, as it surpasses the $0.153 resistance level.

Dogecoin Surpasses the $0.153 Resistance

It is noteworthy that the crypto analyst Kevin previously predicted that for Dogecoin to move higher it needs to break above the $0.153 level and the 200 Simple Moving Average (SMA) in the 4-hour timeframe. “When it comes to Dogecoin all DOGE needs to do to have a higher chance of playing out the potential inverse head and shoulders is a break above the 4-hour 200 SMA and the $0.153 level,” he stated.

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At the time, Kevin noted that DOGE has repeatedly tried to reach this moving average and has been turned down. Thus, should the crypto asset break out of and maintain this moving average, he expects an upswing to the $0.22 price level.

Dogecoin
Potential rally to $0.22 | Kevin on X

According to the analyst, the development has successfully manifested today, as the digital asset has surpassed the $0.153 level and the 200 moving average. Given Kevin’s prognosis, Dogecoin will have to sustain this area to see a further upsurge.

If DOGE manages to hold during any prospective backtest and thereafter, Kevin has placed his inverted head and shoulders target at $0.18 and $0.22, if it is within reach.

The post read:

Update on the Dogecoin chart. We have officially broken above the $0.153 level and the 200 SMA on the 4HR. We need to hold this area on any potential backtest and then .18 cents and the inverse head and shoulders target of $0.22 cents if right in reach.

This accomplishment coincides with a spike in the meme coin market’s favorable sentiment, which indicates increased investor trust and interest in these digital assets. With breakouts and decouplings occurring all over the place over the past few days, meme coins had an eye-catching start to the week.

Several Support Levels For DOGE And Their Significance

Dogecoin’s recent price upswing has triggered an optimistic outlook from multiple crypto experts. Another analyst who has shared a positive prediction for the meme coin is Crypto Daily Trade Signals.

Crypto Daily Trade Signals has delved into the current support levels for DOGE and the potential price trajectory following a breakout. According to the channel, the 50-day EMA at $0.1652 is serving as a resistance level at the moment. Should DOGE break past this barrier, it could trigger the start of a bull run for the coin.

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DOGE Price Prediction – Dogecoin Reaches Make-or-Breaks Levels

1 year ago

Furthermore, the channel noted that the 100-day EMA around $0.1434 is presently offering support, indicating that DOGE has a cushion against additional drops. Meanwhile, the 200-day EMA is acting as a strong long-term support level at $0.1237.

During the time of writing, Dogecoin was demonstrating an upward momentum of over 6% in the past week, trading at $0.1549. Its trading volume and market cap have both increased by over 11% and 3% respectively in the past day.

Dogecoin
DOGE trading at $0.15443on the 1D chart | Source: DOGEUSDT on Tradingview.com
Featured image from iStock, 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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My parents are literally the backbone of my story. They’ve always supported me in good and bad times and never for once left my side whenever I feel lost in this world. Honestly, having such amazing parents makes you feel safe and secure, and I won’t trade them for anything else in this world.

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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I cherish my time, work, family, and loved ones. I mean, those are probably the most important things in anyone's life. I don't chase illusions, I chase dreams.

I know there is still a lot about myself that I need to figure out as I strive to become successful in life. I’m certain I will get there because I know I am not a quitter, and I will give my all till the very end to see myself at the top.

I aspire to be a boss someday, having people work under me just as I’ve worked under great people. This is one of my biggest dreams professionally, and one I do not take lightly. Everyone knows the road ahead is not as easy as it looks, but with God Almighty, my family, and shared passion friends, there is no stopping me.

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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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Created by industry experts and meticulously reviewed
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