Waiting for Dogecoin (DOGE) Breakout? Here’s When It Can Happen

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As a seasoned researcher with years of experience in the cryptocurrency market, I have seen my fair share of ups and downs, but Dogecoin has always managed to surprise me. The current situation at hand is particularly intriguing, as we approach the critical resistance level of $0.11.

Investors of Dogecoin are closely monitoring the market trends as the meme currency inches towards a significant threshold that could trigger a long-awaited surge. The critical resistance point at approximately $0.11, where roughly 23,400 wallets collectively possess around 31 billion DOGE, is drawing near, based on blockchain statistics.

Since on-chain indicators are showing predominantly positive trends, surpassing the current level could signal a substantial bullish surge for Dogecoin. Looking at the chart, it appears that Dogecoin’s price has been oscillating between approximately $0.09 and $0.11 over recent months.

Waiting for Dogecoin (DOGE) Breakout? Here's When It Can Happen

Currently, DOGE is priced around $0.10, which is relatively close to its 50-day moving average. For DOGE to confirm a rise, it needs to surpass the resistance at approximately $0.11. The significance of this price level lies in the high number of wallets holding DOGE at this point.

If the breakthrough goes as planned, the interest in DOGE could significantly increase, potentially pushing its value towards the upcoming resistance points of $0.12 and $0.13. As per current data, a large majority (71%) of DOGE holders are already making a profit, while only 27% are yet to do so. This trend is further supported by strong exchange signals indicating a favorable smart price and bid-ask volume imbalance, both pointing towards a bullish market, thereby adding to the overall optimism.

Additionally, it’s worth noting that a significant number of major investors (62%) remain bullish on Dogecoin‘s future prospects, despite a decrease in large transactions. To achieve success in trading Dogecoin, it’s crucial to maintain positions above the $0.11 price point.

If Dogecoin (DOGE) manages to break through its current resistance, there’s a chance it could surge towards 12 cents or even higher. However, if DOGE fails to overcome this obstacle, it might continue moving horizontally and could potentially revisit support levels around 9 cents.

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2024-09-17 16:04