Will Dogecoin Break Through to $0.12? Key Levels to Watch This Week!

The cryptocurrency market is moving sideways today, with some coins still in the green while others have started to decline. However, Dogecoin (DOGE) has emerged as one of the day’s biggest gainers, surging by almost 3%.

Hourly Breakout Signals Potential Growth

Dogecoin hourly chart — *Source| TradingView*

On the hourly chart, DOGE is showing positive momentum after successfully breaking through the $0.1096 resistance level. If buyers maintain control and the daily candlestick closes above this mark, further growth toward the $0.1130 zone is likely. This breakout gives bullish investors confidence that DOGE may extend its gains in the short term.

Daily Time Frame Offers Key Targets

Dogecoin dailly chart — *Source| TradingView*

Zooming out to the daily chart, a more critical level to watch is $0.1129. If DOGE closes above this threshold without forming a long upper wick, the coin could gather enough energy to push toward $0.12. This scenario becomes more plausible if buying pressure remains consistent. A solid close at this level would confirm a continued bullish outlook for the coming days. Traders are eyeing the $0.12 target as a reasonable goal by the end of the week.

Neutral Weekly Chart Raises Uncertainty

Dogecoin weekly chart — *Source| TradingView*

Despite the short-term bullish sentiment, the weekly chart tells a different story. DOGE’s price is currently trading within the previous week’s bar, suggesting neither bulls nor bears have taken control. The lack of a decisive trend on the weekly chart points to a period of indecision for the asset. Investors may need to wait for a stronger signal before making longer-term predictions.

Looking Ahead

Overall, Dogecoin’s short-term prospects appear favorable, with key levels providing insight into its next moves. However, the broader market remains uncertain, and traders should monitor the $0.1096 and $0.1129 levels closely. A strong daily close above these points could fuel further growth toward $0.12, but a lack of momentum may lead to consolidation.

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The market’s sideways trend means any significant moves will require sustained buying pressure.

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.