Many investors believe that this breakout could signal the start of a more sustained rally for the meme coin.

Top analyst Daan recently shared key insights, pointing to a bullish outlook for Dogecoin in the coming weeks. According to his analysis, the breakout from $0.12 opens the door for DOGE to capitalize on the current market momentum. 

As Bitcoin and other major altcoins continue to gain strength, Dogecoin investors are closely watching for confirmation of bullish continuation, hoping for further upside potential.

With the market pushing higher and Dogecoin now breaking free from past struggles, many expect the meme coin to deliver impressive gains in the near term.

Dogecoin Making Moves

Dogecoin has surged over 33% since Monday, and it is now holding above its previous resistance level, maintaining bullish price action. This rally has sparked optimism among analysts and investors, as the overall market sentiment remains positive, and many believe that Dogecoin is primed for further gains in the coming weeks.

Top analyst and investor Daan shared a technical analysis on X, highlighting the significance of DOGE’s recent breakout. According to Daan, Dogecoin has successfully broken above the crucial $0.12 horizontal level and the Daily 200 moving average (MA). 

He noted that this breakout signals “pretty much clear skies” for the meme coin, as there is little resistance above this point. However, he also emphasized that $0.12 remains a key level, serving as an invalidation point if the price were to drop below it.

Despite the impressive performance of other meme coins in the market, Dogecoin has lagged behind in recent months. With this breakout, however, many believe that DOGE is finally catching up, and the coming weeks could see even more significant upside for the popular cryptocurrency.

As market conditions remain favorable, all eyes are on Dogecoin to see if it can continue building on this momentum and push toward higher price levels.

DOGE Price Action

Dogecoin is currently trading at $0.14 after a 4% retrace from its recent high of $0.147. This surge saw DOGE break above both the 200-day moving average (MA) and the exponential moving average (EMA), confirming a bullish outlook for the meme coin in the coming weeks. 

Analysts and investors are optimistic that Dogecoin will continue its upward momentum, fueled by positive market sentiment.

However, there is a risk that DOGE may face downward pressure if it fails to hold above the crucial $0.129 mark, which aligns with the 200-day MA.

A drop below this level could lead to a deeper retrace, testing the strength of the recent rally. With market conditions remaining volatile, the upcoming week will be key to determining whether DOGE can maintain its bullish trend or if it will enter a period of consolidation or further correction.

Traders are keeping a close eye on this support level, as a successful hold above $0.129 would likely signal more upside potential, while a break below it could dampen the current bullish sentiment. All eyes are on Dogecoin to see how it performs in the critical days ahead.

Featured image from Dall-E, chart from TradingView

However, October kicked off with increased selling pressure, leaving investors searching for signs of strength in Dogecoin’s price action.

Top analyst Mister Crypto has shared a bullish outlook, stating that Dogecoin could begin its next rally “any time now.�His technical analysis highlights key support levels and suggests that the current price could be a launchpad for significant upside movement. 

Despite the recent dip, many traders remain optimistic that DOGE could soon recover and enter a new bullish phase. All eyes are now on whether Dogecoin can hold its critical demand level and break out shortly.

Dogecoin Testing Crucial Demand

Dogecoin is currently surrounded by speculation as investors and analysts offer varying opinions on its future price action. After several weeks of significant ups and downs, the meme coin has seen massive volatility, reflecting the broader market’s uncertainty. Some analysts remain optimistic about Dogecoin’s prospects, while others caution against getting too bullish too soon.

A technical analysis shared by prominent analyst Mister Crypto on X suggests a potentially bullish scenario for DOGE. His analysis highlights a 4-day (4D) price chart, where a bullish triangle pattern has just been broken.

This breakout signals a possible rally ahead, which, if realized, could lead to gains exceeding 100%. Mister Crypto’s forecast has sparked renewed hope among Dogecoin traders, who are now carefully managing their risk in anticipation of this potential move.

However, despite the optimism, there is still no clear confirmation that Dogecoin has entered a new bull run. For this bullish scenario to be validated, the price must close above the current demand level and hold support.

Until then, the market remains cautious, and investors are waiting for further price action to confirm whether Dogecoin will break out or continue to trade sideways. With so much speculation and uncertainty, the coming days will be critical for DOGE’s trajectory.

Price Action: Technical Levels To Hold

Dogecoin (DOGE) is currently trading at $0.106 after experiencing an 8% dip since Monday. The price has lost both the 4-hour 200 moving average (MA) at $0.107 and the 200 exponential moving average (EMA) at $0.108, placing DOGE in a precarious position as it now tests crucial demand levels.

For bullish momentum to return, DOGE needs to break back above these key indicators and reclaim the $0.12 mark. A surge beyond this level could set the stage for a higher push, giving bulls the control they need to shift market sentiment. However, the current market environment remains fragile, and any failure to recapture the 4-hour MAs could signal further downside.

If DOGE fails to hold its current levels, analysts anticipate a deeper correction that could drive the price down to around $0.08, a key support zone.

Traders are watching closely to see if DOGE can stabilize or if more downside is ahead. This makes the coming days crucial for determining whether the meme coin can rebound or face further selling pressure.

Featured image from Dall-E, chart from TradingView

The recent breakout has lifted sentiment, with Dogecoin now eyeing higher targets. Analysts believe that this momentum could lead to further gains as DOGE successfully clears key resistance levels.

One prominent analyst has even set a bullish target of $0.20 in the coming weeks, suggesting that Dogecoin could see another significant rally if the broader market remains strong. 

The recent breakout could signal the beginning of a more extended uptrend, especially if DOGE can maintain support above $0.12 and continue attracting buying interest. Investors will be keeping a close eye on how Dogecoin performs in the days ahead.

Dogecoin Price Rising Fast 

Dogecoin is now testing crucial supply levels around $0.125, a price point not seen since late July. As the entire crypto market surged, sentiment shifted rapidly from fear to hope. Investors are now eyeing Dogecoin with renewed optimism, anticipating further gains in the coming weeks.

Prominent analyst TraderNJ recently shared a detailed technical analysis on X, highlighting key resistance levels for DOGE at $0.149, $0.178, and $0.208. TraderNJ expressed strong confidence in the meme coin’s performance, predicting that Dogecoin could hit the $0.20 mark “in no time at all.�This bullish outlook reflects the high expectations surrounding Dogecoin, as historical patterns show that when meme coins start to rally, they often experience rapid price acceleration.

Dogecoin’s current price action suggests that a breakthrough past $0.125 could open the door for significant upward momentum. The crypto market has shown resilience and a tendency to surprise skeptics, and Dogecoin is no exception. If DOGE manages to break above its immediate resistance levels, it could potentially trigger a fast-paced rally, similar to its historical price movements.

Traders and investors are closely monitoring Dogecoin’s performance as it tests these crucial levels. A sustained push above $0.125 would be a positive signal, reinforcing the bullish sentiment and potentially attracting more buying interest.

However, the meme coin’s notorious volatility means that sharp fluctuations could accompany any breakout. As optimism builds, the next few weeks will be critical for determining whether Dogecoin can maintain its momentum and achieve the price targets set by analysts like TraderNJ.

DOGE Price Action: Key Levels To Watch

Dogecoin (DOGE) is currently trading at $0.124 after two days of impressive gains and renewed market excitement. The meme coin recently closed above the daily 200 exponential moving average (EMA) at $0.117, a critical indicator that it had not surpassed since late July. Reclaiming this level suggests a potential shift in momentum, indicating long-term strength and a more positive outlook for the weeks ahead.

However, sustaining this upward trend will require DOGE to maintain its position above the 1D 200 EMA and continue to challenge higher supply levels around $0.14. If the price manages to break through this resistance, it could pave the way for further gains and solidify its bullish trend.

On the flip side, if Dogecoin fails to hold above the 1D 200 EMA, the bullish scenario could quickly reverse. A retracement to lower demand levels around $0.105 would then be expected, potentially signaling a pause in the recent rally. Investors are watching closely to see if Dogecoin can maintain its momentum or if it will face another pullback, as it has in previous months. The next few days will be crucial for determining the meme coin’s short-term direction.

Featured image from Dall-E, chart from TradingView

Brandt shared a DOGE/USDT chart in a post on X, pointing to a breakout DOGE has recently achieved from a descending channel that the asset has been stuck in for over half a year.

Identified Bullish Momentum in Dogecoin

The chart shared by Brandt further reveals that DOGE, which had previously been trading within a horizontal channel for roughly two years between July 2022 and July 2024, experienced fluctuations between a lower trend line of $0.05 and an upper level of $0.1181.

DOGE peaked at $0.2100 in March before entering its descending pattern. Now, signs indicate that DOGE might be breaking free from this downward trend.

Brandt emphasized that the longer-term chart for DOGE could be considered “constructive,” supporting his analysis with the encouraging message, “Get along little doggie.â€?So far, DOGE has been riding the positive wave seen in the broader crypto market.

The asset’s price climbed 8.2% in the past 24 hours, trading at around $0.1235. While this upward trend aligns with the market’s general bullish sentiment, Brandt’s technical analysis suggests that DOGE’s breakout could signal the beginning of a more sustained upward movement.

Other Bullish Indicators for DOGE’s Momentum

Peter Brandt’s observation is not the only bullish sentiment surrounding Dogecoin. Another prominent crypto analyst, Ali, recently noted that DOGE appears to be showing strength.

In an X post uploaded on September 26, Ali pointed out that DOGE has experienced a Relative Strength Index (RSI) and price breakout from multi-month downtrends.

Furthermore, the asset has received a buy signal from the SuperTrend indicator. These developments indicate that momentum is potentially shifting toward the meme-based cryptocurrency.

Before DOGE’s surge above $0.12 today, Ali had set specific conditions for a full-fledged bullish rally for the asset. These conditions included breaking the descending trendline of RSI on the daily chart and pushing past a resistance level of $0.11.

#Dogecoin is gearing up for a bullish breakout! Watch for two key signals:

First, RSI breaking the descending trendline on the daily chart. And second, $DOGE surging past the $0.11 resistance! pic.twitter.com/7i1QMXNi3F

�Ali (@ali_charts) September 19, 2024

With DOGE successfully achieving both conditions, the analyst’s sentiment has grown increasingly positive about the possibility of an extended rally.

DOGE’s ability to break key technical levels provides a favorable outlook for further price appreciation, indicating that the current rally might not be just a short-term burst.

Featured image created with DALL-E, Chart from TradingView