Investors in the Dogecoin (DOGE) cryptocurrency have breathed new life into the market, bolstering the daily price chart of the world’s most prominent meme coin and stirring up speculations of a possible upturn. Cryptocurrency market specialist and enthusiast, Kevin Capital, has validated this potential surge, acknowledging the significant breakthrough of the digital asset as it breaches the $0.153 resistance level.
Kevin is no stranger to predicting Dogecoin’s market trends. Not too long ago, he speculated that a break above the $0.153 mark and the 200 Simple Moving Average (SMA) in the 4-hour timeframe would be crucial for DOGE’s upward trajectory. He described the resistance level and the 200 SMA as instrumental to Dogecoin’s ability to flip the script on its market status quo – a break above these metrics would set the stage for an inverse ‘head and shoulders’ turnaround.
He observed that DOGE had made consistent efforts to attain this threshold to no avail but maintained that a successful breakthrough, along with sustaining the new level, could potentially catalyze a price surge to as high as $0.22.
His prognosis has come full circle with recent developments. This significant milestone has been reached with Dogecoin surpassing the vital $0.153 level and the 200 SMA. However, maintaining this growth pattern will be crucial for the digital asset to spark a further surge.
In case of a backtest, should DOGE manage to maintain its current status, Kevin anticipates a potential breakthrough to $0.18 and subsequently $0.22, if all goes well.
This breakthrough comes hand-in-hand with an apparent upswing in investor confidence in the meme coin market, reflecting growing interest in such digital assets. In fact, the beginning of the week has been a noteworthy period for meme coins, featuring several breakouts and decouplings.
This upward swing of Dogecoin has elicited a positive outlook from multiple cryptocurrency analysts. Among them is Crypto Daily Trade Signals, which has explored the current support levels for DOGE and released its own prediction on the possible price trajectory following this breakout.
The analysis reveals that the 50-day EMA at $0.1652 is currently acting as a resistance level. However, if DOGE can break past this barrier, it may trigger a bullish rally for the cryptocurrency. The 100-day EMA around $0.1434 is currently serving as a support mechanism, providing some buffer against any potential price dips. Additionally, the 200-day EMA is offering solid long-term support at $0.1237.
As of this writing, Dogecoin is showing a positive momentum with more than a 6% increase over the past week, trading at $0.1549. The cryptocurrency’s trading volume and market cap have both seen increased activity, registering over 11% and 3% growth respectively in the past day.
