Bulls in Dogecoin (DOGE) seem to have stepped up their game as the daily price chart of the biggest meme coin in the world is trending positively, fueling speculations about an impending rally. Kevin Capital, a cryptocurrency market expert and enthusiast has offered insights on DOGE’s price action, confirming an effective break out for the crypto asset, as it surpasses the $0.153 resistance level.
Dogecoin Surpasses the $0.153 Resistance
It is noteworthy that the crypto analyst Kevin previously predicted that for Dogecoin to move higher it needs to break above the $0.153 level and the 200 Simple Moving Average (SMA) in the 4-hour timeframe. “When it comes to Dogecoin all DOGE needs to do to have a higher chance of playing out the potential inverse head and shoulders is a break above the 4-hour 200 SMA and the $0.153 level,” he stated.
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At the time, Kevin noted that DOGE has repeatedly tried to reach this moving average and has been turned down. Thus, should the crypto asset break out of and maintain this moving average, he expects an upswing to the $0.22 price level.
According to the analyst, the development has successfully manifested today, as the digital asset has surpassed the $0.153 level and the 200 moving average. Given Kevin’s prognosis, Dogecoin will have to sustain this area to see a further upsurge.
If DOGE manages to hold during any prospective backtest and thereafter, Kevin has placed his inverted head and shoulders target at $0.18 and $0.22, if it is within reach.
The post read:
Update on the Dogecoin chart. We have officially broken above the $0.153 level and the 200 SMA on the 4HR. We need to hold this area on any potential backtest and then .18 cents and the inverse head and shoulders target of $0.22 cents if right in reach.
This accomplishment coincides with a spike in the meme coin market’s favorable sentiment, which indicates increased investor trust and interest in these digital assets. With breakouts and decouplings occurring all over the place over the past few days, meme coins had an eye-catching start to the week.
Several Support Levels For DOGE And Their Significance
Dogecoin’s recent price upswing has triggered an optimistic outlook from multiple crypto experts. Another analyst who has shared a positive prediction for the meme coin is Crypto Daily Trade Signals.
Crypto Daily Trade Signals has delved into the current support levels for DOGE and the potential price trajectory following a breakout. According to the channel, the 50-day EMA at $0.1652 is serving as a resistance level at the moment. Should DOGE break past this barrier, it could trigger the start of a bull run for the coin.
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Furthermore, the channel noted that the 100-day EMA around $0.1434 is presently offering support, indicating that DOGE has a cushion against additional drops. Meanwhile, the 200-day EMA is acting as a strong long-term support level at $0.1237.
During the time of writing, Dogecoin was demonstrating an upward momentum of over 6% in the past week, trading at $0.1549. Its trading volume and market cap have both increased by over 11% and 3% respectively in the past day.
Featured image from iStock, chart from Tradingview.com
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