Dogecoin (DOGE) Price Analysis: Potential Breakout Expected Despite 2.28% Decline 

Dogecoin (DOGE) is flashing bullish signals today despite a slight dip in the last 24 hours. After breaking out of a 36-day consolidation phase, DOGE currently trades at $0.16659, reflecting a 2.28% decline. This price action hints at a potential trend reversal, with bulls accumulating and pushing the price towards higher highs.

Technical Indicators Pointing Upward

Looking at the technical indicators, DOGE paints a promising picture. The recent price action forms a series of higher highs and higher lows, a classic sign of bullish momentum.  This indicates that the bears are losing their grip, and the bulls are taking control, empowering the DOGE community.  Furthermore, the price is finding support around the 50-day Exponential Moving Average (EMA), which sits at $0.155 and acts as a potential launchpad for further gains.

Related article: Notcoin (NOT) Price Analysis: Price Spike by More Than 47% After Recent Decline; Here’s Why

Resistance and Support Levels to Watch

If the bullish momentum persists, traders should keep an eye on the resistance levels at $0.1708, $0.1746, and $0.1788. These levels could act as potential targets for the price if the rally continues. On the other hand, if the price faces selling pressure, the presence of support levels at $0.1625, $0.1575, and $0.1516 provides a sense of security. These support levels will play a crucial role in determining whether the bulls can maintain control.

A Crucial Pivot Point

The pivot point for DOGE sits at $0.1781. A sustained break above this level could solidify the bullish trend. Conversely, a drop below this point could indicate a return to the consolidation phase or even a potential downtrend.

On-chain data is also adding fuel to the bullish fire.  This data suggests that investors are accumulating DOGE, potentially anticipating a price rally. With this accumulation trend and the technical indicators aligning, a potential breakout for DOGE seems to be brewing.

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Disclaimer: The information in this article should not be considered financial advice, and FXCryptoNews articles are intended only to provide educational and general information. Please consult with a financial advisor before making any investment decisions.

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