Dogecoin has been rising steadily, and its price is approaching the critical mark of $0.44848. This constant upward movement indicates that the bulls are firmly in control, pushing DOGE closer to new territory.
As the price advances steadily, market Attention is intensifying, leaving many wondering if this persistent rise is the beginning of a major breakout. With increased buying pressure and optimism surrounding Dogecoin, can the bullfighting Maintain your momentum and push DOGE beyond this key resistance level?
Bullish momentum building: Will Dogecoin be able to maintain its bullish trend?
On the 4-hour chart, DOGE is trading above the 100-day SMA, a strong indicator his bullish impulse. This positioning underlines the underlying strength of the token and suggests that positive market sentiment is driving its bullish trend. The steady rise points to further optimism as DOGE eyes a break above the critical resistance level of $0.44848.
An examination of the 4-hour composite trend oscillator reveals 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. A persistent rise would indicate strong overbought conditions, reflecting solid demand and the possibility of further price growth.
Additionally, the daily chart highlights Dogecoin’s strong upward movement, marked by the formation of a bullish candle as the price rises towards $0.44848, indicating the potential to earn additional profits. Its position above the SMA reinforces the positive trend, demonstrating sustained strength and reinforcing market confidence, setting the stage for continued meeting.
Lastly, the composite trend oscillator on the daily chart is currently in the overbought zone, indicating that the asset has seen a significant increase in buying pressure. Despite this, the SMA and the trendline show no signs of reversing or falling, suggesting that the bullish momentum remains intact.
Key levels to watch for in case of a breakout
The $0.44848 level is a crucial resistance level, and a sustained move above it could open the door for more earningspossibly targeting the next resistance at $0.5920. If Dogecoin manages to break above this level, it could trigger a significant rally, with the price likely heading towards $0.7444 and other resistance zones.
However, if Dogecoin faces rejection at this level, a pullback towards support areas such as $0.3563 may occur. A successful break below this support could lead to further price declines, with lower support levels being potential next targets. Therefore, traders should closely watch these key zones to assess whether the bulls can maintain control or if bearish pressure will take over.
Featured image from Adobe Stock, chart from Tradingview.com
