Dogecoin has been steadily rising, with the price approaching the critical $0.44848 mark. This consistent upward movement indicates that the bulls are firmly in control, pushing DOGE closer to new territory.
As the price rises steadily, market The attention is becoming increasingly intense, leading many to wonder if this continued rise is the start of a major outbreak. With the increased buying pressure and optimism around Dogecoin, the bulls maintain their momentum and push DOGE past this key resistance level?
Bullish Momentum Builds: Can Dogecoin Maintain Its Uptrend?
On the 4-hour chart, DOGE is trading above the 100-day Simple Moving Average (SMA), a strong one indicator of his optimistic momentum. This positioning underlines the underlying strength of the token and suggests that positive market sentiment is driving the uptrend. The consistent rise signals increasing optimism as DOGE targets a breakout above the critical resistance level at $0.44848.
An examination of the 4-hour Composite Trend Oscillator shows that both the SMA and the overall trend of the indicator are moving towards the overbought zone, indicating that buying pressure is increasing and the asset is gaining strength. A sustained increase would indicate strong overbought conditions, reflecting robust demand and the possibility of more price growth.
Also, the daily chart highlights the strong upward movement of Dogecoin, characterized by the formation of a bullish candlestick as the price rises towards $0.44848, indicating that the potential for extra profit. Its position above the SMA reinforces the positive trend, shows continued strength and strengthens market confidence, paving the way for continued collection.
Finally, the Composite Trend Oscillator on the daily chart is currently in the overbought zone, indicating that the asset has experienced a significant increase in buying pressure. Despite this, the SMA and trendline show no signs of reversal or decline, indicating that the bullish momentum remains intact.
Key levels to watch for a breakout
The $0.44848 mark is a crucial resistance level, and a sustained move above it could open the door for further profitspossibly targeting the next resistance at $0.5920. If Dogecoin manages to break this level, it could cause a significant spike, with the price likely heading towards $0.7444 and other resistance zones.
However, if Dogecoin is rejected at this level, there could be a pullback towards support areas such as $0.3563. A successful break below this support could lead to more price declines, with lower support levels being the next potential targets. So, traders should keep a close eye on these key zones to assess whether the bulls can maintain control or whether bearish pressure will take over.
Featured image from Adobe Stock, chart from Tradingview.com