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Dogecoin breaks a three-month downtrend, gaining 21% in a week. Key technical indicators suggest potential bullish momentum ahead.
News
- Dogecoin broke out of a three-month descending trendline, signaling a potential shift in market sentiment and renewed bullish momentum.
- A bullish crossover in the 9-day and 21-day moving averages suggests increasing buying pressure, reinforcing the breakout’s strength.
- Key resistance levels at $0.22–$0.25 will determine whether the rally continues, with potential upside targets around $0.30 if momentum holds.
Dogecoin shows signs of a technical breakout after a three-month downtrend. Market data indicates that the cryptocurrency is gaining strength with increased volume and bullish signals. Data shows Dogecoin achieved a price of $0.2042 while showing a 21.79% weekly increase and a 9.78% daily rise at this writing.
Breakout from the Downtrend
A recent tweet by a prominent analyst, Trader Tardigrade, which noted the breakout from the three-month descending trendline, adds doubts about the continuation of the bearish phase. Market participants now focus on this technical event as a sign of emerging bullish sentiment. Analysts observe that the breakout may signal a reversal from previous downtrends.
Dogecoin recently moved above a descending trendline that has defined its price action since January 2025. The price broke free from two parallel trendlines that had acted as strong resistance. This move marks a potential turning point in a period of sustained weakness.
Technical Analysis Overview
Recent price action also has Dogecoin trading higher than key short-term moving averages. The 9-day moving average has just crossed over the 21-day moving average. The crossover tends to be an indicator of a shift in market momentum. The MACD indicator supports this view as its blue line moves above the orange signal line, with green histogram bars suggesting rising buying pressure.
Volume data supports this bullish trend. Increased volume accompanies the breakout above established resistance levels. The technical chart marks this event with a visual breakout label. Traders view these signals as positive signs that the price could advance further.
Market Sentiment and Key Price Levels
Key support levels for Dogecoin appear around $0.17 to $0.18. In case of a false breakout, the bullish rally will be invalidated. Resistance is identified near the $0.22 to $0.25 range, where sellers have previously entered the market. A sustained move above $0.25 could open the door for a rally toward $0.30. Technical signals indicate that the breakout may continue if the price remains above these levels.
The current price of $0.2042 confirms that Dogecoin has recovered from a prolonged downtrend. Market attention is now on whether the coin can maintain its upward momentum. Analysts and traders alike monitor volume and technical indicators closely as they await further price confirmation.
