The Dogecoin price momentum is heating up as it makes another move toward the key $0.18 mark, a level that previously set an all-time high for the popular meme coin. The recent surge in the Dogecoin price has captured the attention of both traders and long-term holders, sparking speculation about a possible breakout that could take it to new heights. With bullish pressure picking up, the widely circulating question is whether Dogecoin has the strength to break through its resistance and finally establish a new milestone. This article aims to explore the recent surge in Dogecoin’s price and assess its capabilities to break through the pivotal $0.18 resistance level. Through technical analysis and a look at current market sentiment, this piece provides insights into the driving forces behind DOGE’s rally and evaluates the breakout chances. Bullish Momentum Builds For Dogecoin Price DOGE has consistently maintained its position above the 100-day Simple Moving Average (SMA) on the 4-hour chart, signaling sustained upward movement and a strong bullish foundation. This steady hold above the SMA line indicates a supportive trend for further gains, as buyers have continued to show resilience in defending key levels. Recently, the Dogecoin price rebounded from the $0.149 support level, fueling positive market sentiment and reaffirming the strength of buyer interest at this critical point. An analysis of the 4-hour Relative Strength Index (RSI) reveals renewed bullish potential, as the RSI has risen from the oversold zone above the 50% threshold. Currently seating at 65%, this upward shift suggests that buying momentum is gaining traction, indicating a transition from a bearish phase toward a more neutral, possibly bullish stance. Related Reading: Dogecoin (DOGE) Poised for a Move: Will It Start a Fresh Increase? Furthermore, the daily chart reveals that Dogecoin is experiencing a strong move on the upside, highlighted by a series of positive candlesticks that suggest sustained buying pressure. This optimistic trend is reinforced by DOGE’s position above the 100-day SMA, a key level that signals continued strength in the current uptrend. As the Dogecoin price maintains this trajectory, market sentiment grows increasingly hopeful, creating a favorable setup for more gains as it approaches the $0.18 resistance level. Lastly, the RSI on the daily chart is now at 65%, recovering from a previous dip to 56%. If the RSI continues to ascend, it may signal enhanced strength in DOGE’s price action. Moreover, maintaining a position above the 60% mark could significantly increase the likelihood of ongoing bullish momentum and possible breakouts, solidifying the asset’s positive sentiment. Will DOGE Power Through Or Pull Back? The Dogecoin price is nearing the critical resistance level of $0.18, prompting speculation about its potential for continued gains. Should DOGE successfully break through this threshold, it could set the stage for a substantial rally, potentially reaching new highs. possibly leading to the establishment of a new all-time high. Related Reading: Dogecoin Price Is About To Complete This Breakout To A Descending Megaphone Pattern, Is $1 Next? However, if DOGE is unable to surpass the resistance, it could result in profit-taking, which could cause a drop toward the $0.149 support level and other additional downside targets. Featured image from Unsplash, chart from Tradingview.com
