Dogecoin Technical Analysis: Eyeing a Potential Bullish Breakout?
Dogecoin, often seen as a meme coin, has secured a prominent spot in the crypto space. Recently, it surged to $0.22902 amid Bitcoin's rally to $70,000. Let's explore Dogecoin's technical outlook using the daily (D1) and 4-hour (H4) time frames.
Daily Time Frame (D1): Building Bullish Momentum?
On the daily chart, Dogecoin shows a bullish trend, closing in positive territory in the last session. The price appears to be heading towards $0.13750, where the 200 SMA currently resides. A bullish crossover between the 5 SMA and 20 SMA around $0.10080 signals potential upward movement. This setup offers an attractive entry point for traders looking to capitalize on the rally.
Entry: $0.10080
Take Profit: $0.13750
Stop Loss: $0.09005
4-Hour Time Frame (H4): Short-Term Upside Potential
On the H4 chart, Dogecoin is aiming for the $0.10400 level, supported by the 20 SMA. A crossover between the 5 SMA and 200 SMA around $0.10110 reinforces the bullish sentiment, suggesting a move toward $0.11540.
Entry: $0.10110
Take Profit: $0.11540
Stop Loss: $0.09050
Key Levels to Watch: $0.13750 on the upside, $0.09050 on the downside.
Your Take: Is a rally to $0.13750 on the horizon, or will Dogecoin retreat to $0.09050? Share your insights!
