Dogecoin has shown impressive growth over the past few days, rising 45% and reaching a key resistance level at $0.14. This level has been tested many times: in mid-2023, we saw a sharp breakout, but it was short-lived and the price quickly rolled back to $0.10. In 2024, $Dogecoin broke through $0.14 again, held in a range, and reached a new resistance level around $0.175, but again faced a sell-off amid investor fatigue.
$Dogecoin is now moving within the $0.14-$0.175 range again and will need time to consolidate before it can move higher. It is important to note that the recent surge was also fueled by active trading activity and renewed interest in the coin following Elon Musk’s statement, which has sparked a new round of optimism among traders.
Technical Outlook: The break of the critical descending trendline on the daily chart, which has held the price for more than 180 days, opens up the possibility of further growth. I expect a strong bullish momentum that can lift the price to the $0.175 level and above. However, for this to happen, Dogecoin must consolidate at current levels to accumulate sufficient support from buyers.
Conclusion: If consolidation at $0.14-$0.175 is successful, Dogecoin could be poised for a new breakout, with the key resistance level of $0.175 becoming a point for further growth.
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