Dogecoin Ready For Bullish Breakout, But $0.11 Is Key
DOGE may be about to breakthrough as cryptocurrencies show strong price activity in the last week. DOGE broke above a declining trendline that has characterized rallies since April after this positive market action.
Crypto expert Ali Martinez believes this is the start of Dogecoin's steady climb. With technical indicators like the RSI indicating a positive outlook, the meme coin must break over $0.11.
Dogecoin Ready For Bull Run
Dogecoin is at a key point as the crypto market plays out following the Fed rate decrease. This and the likelihood of future rate cuts in the coming months have shook global markets, with cryptocurrencies gaining. DOGE price movement has been attentively monitored by crypto expert Ali Martinez. Martinez recently highlighted two signs that might suggest a huge rise for meme currency.
DOGE's indicator has risen above resistance due to crypto industry inflows. This upward break is a crucial first step, showing bullish momentum. Martinez noted that this RSI upward move meets the technical conditions for a Dogecoin price breakthrough. Just DOGE breaking over $0.11 remains. DOGE may rise if it breaks $0.11, changing its direction for the year.
How Important Is $0.11?
An on-chain indicator from IntoTheBlock (ITB) reflects DOGE's short-term relevance at $0.11. ITB's âIn/Out of the Money Around Priceâ statistic shows DOGE trading below a resistance area where 42,440 addresses hold 3.86 billion tokens at $0.11.
This indicates lots of addresses ready to benefit if the meme coin can exceed $0.11. Some holders may sell and strengthen this barrier if DOGE breaks above it.
The current DOGE price is $0.1065. Before Uptober, bulls have opportunity to breach $0.11 in the final week of September. Alternatively, a reversion to $0.098 support is possible.
