Dogecoin Shows Bullish Breakout Pattern, $0.15 Is the Likely Target in the Ongoing Rally
Dogecoin is benefitting from the uptick in prices in the crypto market after Bitcoin raced above $44,000 today, December 6. The general sentiment among investors is quite positive, and DOGE, the first meme coin, has joined the rally.
DOGE buyers are intent on returning DOGE to $0.15 after the last few weeks of accumulation for the token.DOGE has gained $17.3% on its price to trade at 6:02 a.m. EST. It trades at $0.10, with a $27.7% price increase in the past week.
However, the big question is what next for the memecoin?
Dogecoin (DOGE) Buyers Sustain Rally: Is $0.15 Possible?
DOGE traded modestly between November 24 and December 1 before moving into an uptrend on December 2. After a slight retracement on December 3, it rallied to form higher highs from December 4-6.
The meme coin has formed a bullish breakout pattern, flipping the $0.095 resistance to support today. The green candles formed between December 4 and 5 show intense buyer action, leading to the bullish breakout pattern observed.
The long upper wick on today's candle suggests massive pressure from the buyers as they attempt to break above the $0.010 resistance level. If DOGE breaks above this level, it will likely rally to $15 in the coming weeks.
Also, the Relative Strength Index (RSI) indicator is rising in the overbought region above 70.
It displays a value of 78.97, confirming that the buyers still dominate the market. Additionally, the MACD indicator sits above the signal line, with green histogram bars signaling the possibility of further price increases.
Therefore, DOGE will probably break above $0.10 in the coming days to trade at $0.15 in a few weeks.
What Is Driving The DOGE Recovery?Dogecoin has benefitted from unwavering support from its bubbly community since its launch. The positive sentiment in the market has also contributed to its performance.
Hey all! I will be co-hosting a space with @dogecoin tomorrow evening to celebrate 10 years. Come tell your story if you're a Dogecoin enthusiast! I'll hit you with a link when scheduled.
- DJ DOGE (@djdoge69) December 5, 2023
A notable digital creator and Dogecoin enthusiast, DJ DOGE, said he is hosting a Twitter space evening in the evening hours of today, November 6. This space is to celebrate the tenth anniversary of Dogecoin.
At this event, members of the Dogecoin community will share stories of how they found the project.
Alternatively, they can write their thoughts down in a Google form for mentions during the event.Also, during the DOGE DAY event in Japan in November, the Dogecoin developers appreciated the community's donations to the bronze Kabosu statue, table, and bench.
Through the unmatched support of its community, DOGE could retain the ongoing rally as it vies to remain above $0.1. Notably, DOGE's break above $0.10 is likely a signal of further price increase for the token.
If DOGE rises to $0.15 in the coming weeks, it will likely record further price gains in 2024 as the bull run continues.
The post Dogecoin Shows Bullish Breakout Pattern, $0.15 Is the Likely Target in the Ongoing Rally appeared first on The Tech Report.