Dogecoin’s price breaks the bearish trend line and enters the upward channel to lead at $0.3
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Dogecoin’s recent price action A noticeable bullish turnMeme coins bounced back early this week and steadily enhanced upward momentum. Dogecoin has been recovering from the $0.25 path after a low of nearly $0.215 rebound. This upward move coincides with Bitcoin’s new all-time high growth, This helps inject new confidence into the wider crypto market.
It is worth noting that technical analysis of Dogecoin/Tetherus pairs on the daily candlestick schedule shows that the price of Meme Coin has now shifted to an upward channel, with a price of at least $0.30.
Dogecoin confirms Bullish Breakout is a trend crash
according to Published technical analysis Crypto analyst Melika’s Tradingview platform, Dogecoin bounces through a long-standing bearish trend line that acted as a major resistance in April. The breakthrough is a clear verification of the upward channel that has been formed since late April.
Related Readings
Breakthroughs show that from bearish pressure to bullish environments, the current price structure is very tilted towards bulls. In this case, Dogecoin is now on the road to continue rising from the bottom of 0.13 on April 7, with the next goal being to reach the top of the upward channel.
A key aspect of this breakthrough is the response of the midline of the channel, which is precisely respected by dog proteins before climbing again. The coin will also retest the demand block between $0.1950 and $0.2150 earlier this week. The failure to break through shows that the region has now become a strong structural support and move forward. As long as the price remains at this level, it is effective that Dogecoin can reach the top of the upward channel.
What is Dogecoin’s goal?
Melika’s analysis Now, with momentum, Melika’s analysis predicts three key levels that can serve as a short profit zone for Dogecoin traders. The first target is $0.2530, which is with Swiveling high on May 11th. If Dogecoin Bulls maintains a price uptrend, the second target is $0.2750. Interestingly, this target is located at the upper boundary of the ascending channel.
Related Readings
Apart from that, the main horizontal resistance is $0.3035. This level is important because it acts as a support level for Dogecoin in January. However, Dogecoin finally made a clean break in early February, below $0.3035, and the area has turned to a zone looking for resistance. Break through this area Not only will it fully recover to the recent downward trend, it can also be opened To higher price levels.
However, any rejection or breakdown below $0.1950 will invalidate this bullish paper, as this indicates a violation of demand zone and channel structure. At the time of writing, Dogecoin traded at $0.2447, up 2% in the past 24 hours.
Featured Images from Getty Images, TradingView.com Charts
