- Dogecoin price is still in an uptrend, as tailwinds in cryptocurrencies emerge.
- DOGE bulls are reclaiming the monthly pivot at $0.27.
- The RSI points to a pickup of buyers with an imminent breakout towards $0.35.
Dogecoin (DOGE) price has been in a slow grind higher for several days now, but buy-side volume is picking up speed as tailwinds emerge in cryptocurrencies after Bitcoin hit new all-time highs. That spillover effect propels into a possible breakout towards $0.35, which would be the third and make-or-break retest of this pivotal historical level. When bulls are finally able to reclaim this level and consolidate above, expect a second wave in uptrend towards $0.45.
Dogecoin price sees bulls preparing for an attack towards $0.35
Dogecoin price is seeing some pickup in buy-side volume, with buyers re-emerging after staying a period on the sidelines. This lack of fresh buyers and volume developed as the Relative Strength Index (RSI) was trading too close to the overbought area for a few days, which indicated limited upside potential for bulls in DOGE price action. With the RSI back towards 50, buyers were eager to buy into DOGE price again, and bulls reclaimed the monthly pivot at $0.27.
DOGE price sees, for now, the bulls facing some resistance from the 200-day Simple Moving Average (SMA) at $0.29. With the general crypto tailwinds and spillover effect from Bitcoin making new highs, bulls should be able to push beyond the 200-day SMA. This would open the road towards $0.35 for a third retest and break above this level that has kept DOGE price capped to the upside since June.
DOGE/USD daily chart
If the pivot does not hold, expect bulls to pick up Dogecoin price at $0.26 with the 55-day SMA at $0.24 as ultimate support. As that discount would attract more buyers to the trade, expect that to be enough to break and close above $0.35. Bulls must be aware of some short-term profit-taking as the monthly R1 and R2 resistance levels are in the way of the trajectory towards $0.45, respectively at $0.35 and $0.44.
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.
If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.
FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.
The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.
Recommended Content
Editors’ Picks
Bitcoin Weekly Forecast: BTC nosedives below $95,000 as spot ETFs record highest daily outflow since launch
Bitcoin price continues to edge down, trading below $95,000 on Friday after declining more than 9% this week. Bitcoin US spot ETFs recorded the highest single-day outflow on Thursday since their launch in January.
Bitcoin crashes to $96,000, altcoins bleed: Top trades for sidelined buyers
Bitcoin (BTC) slipped under the $100,000 milestone and touched the $96,000 level briefly on Friday, a sharp decline that has also hit hard prices of other altcoins and particularly meme coins.
Solana Price Forecast: SOL’s technical outlook and on-chain metrics hint at a double-digit correction
Solana (SOL) price trades in red below $194 on Friday after declining more than 13% this week. The recent downturn has led to $38 million in total liquidations, with over $33 million coming from long positions.
SEC approves Hashdex and Franklin Templeton's combined Bitcoin and Ethereum crypto index ETFs
The SEC approved Hashdex's proposal for a crypto index ETF. The ETF currently features Bitcoin and Ethereum, with possible additions in the future. The agency also approved Franklin Templeton's amendment to its Cboe BZX for a crypto index ETF.
Bitcoin: 2025 outlook brightens on expectations of US pro-crypto policy
Bitcoin price has surged more than 140% in 2024, reaching the $100K milestone in early December. The rally was driven by the launch of Bitcoin Spot ETFs in January and the reduced supply following the fourth halving event in April.
Best Forex Brokers with Low Spreads
VERIFIED Low spreads are crucial for reducing trading costs. Explore top Forex brokers offering competitive spreads and high leverage. Compare options for EUR/USD, GBP/USD, USD/JPY, and Gold.