The price of Dogecoin plummeted 15%, and Musk promptly stood up to support Dogecoin
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Dogecoin Breaks Key Resistance at $0.153: Analysts Predict Further Upside
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Dogecoin (DOGE) has recently surged above the crucial resistance level of $0.153, sparking optimism among traders and analysts for a potential rally. Notably, Kevin Capital, a cryptocurrency market expert, has offered insights on DOGE's price action, confirming the breakout and outlining possible price targets.
Kevin previously emphasized the importance of Dogecoin breaking above the $0.153 level and the 200 Simple Moving Average (SMA) in the 4-hour timeframe for a bullish scenario to unfold. With this breakout, he anticipates an upswing towards the $0.22 price level.
DOGE trading at $0.15443on the 1D chart | Source: DOGEUSDT onTradingview.com
The recent development has aligned with Kevin's prognosis, as DOGE successfully surpassed both the $0.153 level and the 200 SMA. According to him, sustaining this area is crucial for further upward movement.
If DOGE manages to hold above this level during any potential backtest, Kevin has set his inverted head and shoulders target at $0.18 and $0.22, respectively.
This breakout coincides with a surge in favorable sentiment across the meme coin market, indicating growing investor trust and interest in these digital assets. With breakout events occurring frequently in recent days, meme coins have garnered significant attention.
Additionally, Crypto Daily Trade Signals has highlighted various support and resistance levels for DOGE. The 50-day EMA at $0.1652 currently acts as resistance, while the 100-day EMA around $0.1434 provides support against further declines. Furthermore, the 200-day EMA serves as a robust long-term support level at $0.1237.
At the time of writing, Dogecoin demonstrates upward momentum, trading at $0.1549, with notable increases in trading volume and market cap. Overall, the breakout above $0.153 signals potential for further upside in DOGE's price trajectory.
DOGE trading at $0.15443on the 1D chart | Source: DOGEUSDT onTradingview.com
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