Dogecoin is constantly growing and its price is approaching the critical level of USD 0.44848. This consistent upward move signals that the bulls are firmly in control, pushing DOGE closer to recent territory.
As the price keeps rising, market the attention is intensifying, leaving many wondering whether this continued rally is the beginning of a bigger breakout. With increased buying pressure and optimism surrounding Dogecoin… bulls maintain momentum and push DOGE beyond this key resistance level?
Building Bullish Momentum: Can Dogecoin Maintain its Uptrend?
On the 4-hour chart, DOGE is trading above the 100-day plain moving average (SMA), which represents a powerful indicator with his bullish momentum. This placement highlights the token’s strength and suggests that positive market sentiment is driving its upward trend. The steady rise indicates growing optimism as DOGE aims to break above the critical resistance level of $0.44848.
Analysis of the 4-hour Composite Trend Oscillator shows that both the SMA and the overall trend of the indicator are heading towards the overbought zone, suggesting that buying pressure is intensifying and the asset is gaining strength. Sustained growth would indicate powerful overbought conditions, reflecting powerful demand and the potential for more price growth.
Additionally, the daily chart shows Dogecoin’s powerful upward movement, characterized by the formation of a bullish candle as the price surges towards $0.44848, signaling potential for additional profits. Its position above the SMA reinforces the positive trend, showing sustained strength and strengthening market confidence, setting the stage for a continuation rally.
Finally, the Composite Trend Oscillator on the daily chart is currently in an overbought zone, which indicates that the asset has experienced a significant raise in buying pressure. Still, the SMA and trendline show no signs of reversal or decline, suggesting that bullish momentum remains intact.
Key levels to watch for a breakout
The $0.44848 level is a key resistance level and a sustained move above it could open the door to more profitspossibly targeting the next resistance at $0.5920. If Dogecoin manages to break this level, it could trigger a significant jump, with the price possibly heading towards $0.7444 and other resistance zones.
However, if Dogecoin encounters rejection at this level, there could be a pullback towards support areas such as $0.3563. A successful break below this support could lead to further price declines, with lower support levels being the next potential target. Therefore, investors need to keep a close eye on these key zones to gauge whether the bulls will be able to maintain control or if bear pressure will take over.
Featured image from Adobe Stock, chart from Tradingview.com
