Dogecoin’s price breaks to $0.5 to confirm whether it violates this channel resistance
Although the current trading range is between $0.22 and $0.23 in the past 48 hours, Dogecoin is still in Significant recovery From April lows The larger $0.13 is close to $0.13 time frame. Interestingly, technical analysis of a larger time frame, especially the 1-day candlestick chart, suggests that the steady climb has positioned Dogecoin at the upper boundary of the landing channel, which has defined its price action since December 2024.
Price movement within this structure is characterized by consistently lowering highs and lower lows. However, recent activity indicates an increase in bullish pressure, and Dogecoin is now Try to break through the overhead resistance.
Channel breakouts may trigger unstoppable pumps
According to crypto analyst MMBtrader, his Dogecoin Take On the TradingView PlatformDogecoin is on the verge of a major breakthrough, and if the price action successfully clears downward channel resistance, it may trigger an unstoppable pump.
The annotated daily candlestick time range chart shared with analysis shows that once Dogecoin clears the upper trendline of the down channel, heavy upward momentum may push it to the $0.3 price zone. This level, formerly a major support between December 19, 2024 and January 2, 2025, can now be a key resistance to moving forward.
However, the most important level of the new all-time high is $0.4. Break $0.4 above $0.4 with momentum Not only can acknowledge a bullish reversal, but also a rally towards a higher target of $0.75 and In the long run, even $1.
A breakthrough above $0.27 is the final confirmation
Keeping in mind the current channel structure of the decline in dog fruit price levels, any confirmed breakthroughs above $0.27 will be a strong bullish signal. Crypto analyst MMBtrader also pointed out the importance of the $0.27 price level.
If Dogecoin manages to turn off daily candles above $0.27 and back up with solid volume, this will indicate Clean rest The channel’s resistance and wider downward trends have kept the meme coins underpriced since its multi-year high in December 2024.
Such a breakthrough not only marks the end of months of integration, but also opens the door to a rapid upward momentum. However, before the breakthrough is achieved, Dogecoin still has the risk of rejecting the resistance trend line again downward. On the other hand, analysts highlighted the $0.205 and $0.180 region, which is the closest level of support.
one Subdivisions below these levels Will delay the bullish setting, but it won’t necessarily invalidate it unless Dogecoin gets stuck in a deeper merger below $0.13. Prior to this, bullishness on the upper trend line was still in play, and a confirmed breakthrough would keep the dogeusdt pump from the ongoing.
At the time of writing, Dogecoin traded at $0.224, down 1.4% in the past 24 hours.
Featured Images from Getty Images, TradingView.com Charts
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