Prominent analyst Rekt Capital revealed to his 507.2K followers on X (formerly Twitter) that Dogecoin’s (DOGE) price is approaching key support levels and has retraced to approximately $0.126, a level marked as essential for its potential bullish trajectory.
Moreover, holding above this support could set DOGE up for a favorable monthly close, paving the way for an upward trend if current market conditions persist.
Celebrate Dogecoin and Make Big Gains with Doge2014!
Doge2014 raises 500K in days celebrating Dogecoin. Make potentially big profits and get in on exclusive airdrop!
Show more +Key Support and Resistance Levels
In the monthly time frame analysis, DOGE price shows a breakout above a long-standing descending trendline from its previous peak in 2021. This breakout suggests that DOGE may be shifting out of a bearish pattern and into a potential reversal.
For this trend to sustain, $0.126 serves as a foundational support level. A close above this level could strengthen bullish sentiment and set the stage for further upward movement.
In addition to the primary support, there are other crucial levels to monitor. The mid-range resistance sits at $0.16460, which DOGE must surpass to confirm the continuation of a bullish path.
Moreover, if DOGE maintains momentum above this mark, the next resistance level is seen at $0.20745, providing a potential target for bullish traders.
Read Also: SUI Price Dips 30%, Elite Analyst Points to Buy Zones
DOGE Chart Patterns Signaling a Bullish Reversal
The monthly chart for DOGE reveals a completed falling wedge pattern. This formation is often associated with bullish reversals, suggesting that DOGE’s price may have ended its downtrend. Analysts point to this breakout as a favorable signal that could support a move higher if DOGE holds the $0.126 level and achieves a strong monthly close.
On the weekly chart, DOGE has also confirmed a breakout above a descending trendline, which supports the potential for upward movement. This trendline breakout is an additional indication that DOGE could continue following its projected path if current support levels hold.
The combined analysis of monthly and weekly charts shows a consistent outlook for DOGE’s price. Holding above $0.126 and $0.13485 support zones will be pivotal in determining whether the cryptocurrency can reach higher resistance levels.
Furthermore, both time frames reveal a similar trend reversal structure, with breakout patterns suggesting that DOGE may be positioned for an uptrend. However, DOGE must sustain these critical levels to maintain its bullish momentum, with the monthly close serving as a key indicator for its short-term trajectory.
Follow us on X (Twitter), CoinMarketCap and Binance Square for more daily crypto updates.
Get all our future calls by joining our FREE Telegram group.
We recommend eToro
Active user community and social features like news feeds, chats for specific coins available for trading.
Wide range of assets: cryptocurrencies alongside other investment products such as stocks and ETFs.
Copy trading: allows users to copy the trades of leading traders, for free.
User-friendly: eToro’s web-based platform and mobile app are user-friendly and easy to navigate.
Source link
