- Dogecoin is on an uptrend, having recently broken out of a falling wedge pattern.
- This breakout has sparked optimism among investors, shifting market sentiment.
- DOGE breaks the resistance; its breakout target could reach $0.20, suggesting a promising future.
Dogecoin (DOGE) has been riding an upward trend, showcasing significant growth in recent weeks. With a strong performance, DOGE appears poised for even bigger gains. Over the past seven days, the popular meme coin surged by nearly 24%. Expanding the timeframe to the past 30 days, Dogecoin has posted an impressive 32% increase, reinforcing its potential for further upward movement.
At the time of writing, DOGE’s price stands at $0.133477, accompanied by a 24-hour trading volume of $4.54 billion. The coin’s market capitalization has reached $19.52 billion, securing a market dominance of 0.83%. Notably, DOGE has gained 9.38% in just the last 24 hours, adding fuel to the current bullish outlook.
Dogecoin’s Breakout Target Set at $0.20
In recent trading sessions, DOGE encountered a significant resistance level that proved too formidable to breach. Despite this setback, the broader technical outlook remains positive for the meme-inspired cryptocurrency.
Currently, Dogecoin is on an uptrend in the daily timeframe, having successfully broken out of a falling wedge pattern in earlier trades. This breakout signaled a potential shift in market sentiment, leading to increased optimism among investors.
Recently, however, DOGE made another attempt to break through the strong resistance that has emerged. While it faced challenges at this horizontal level, the overall trend remains bullish. Market observers have noted a steady pump in Dogecoin’s price, indicating persistent buying interest.
Dogecoin successfully surpasses this resistance and maintains its upward trajectory; the breakout target for this formation is set at $0.20. This potential target highlights the optimism surrounding Dogecoin’s future performance. Investors and enthusiasts alike are closely watching to see if DOGE can capitalize on its recent momentum and secure a sustained rally.
Related | Coinbase and ZetaChain Partner Up to Transform Institutional Access to ZETA Tokens
