Dogecoin (Doge) is trying hard to surpass the critical resistance level of $0.11. The token is vying for a notable price ascent, which is yet to come as the crypto continues to bask in bearish waters. In the midst of it, one analyst has pointed out how Doge price charts depict a noteworthy development, hinting at an impending breakout soon.
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Dogecoin Analysis: Breakout Rally When?
According to a notable crypto analyst, Ali, Doge is trying hard to break past its critical price juncture and resistance level of $0.11. At press time, the token is at the $0.1051 price mark, up 2% in the last 24 hours.
“If you’re anticipating a #Dogecoin breakout, keep in mind the key resistance level at $0.11, where 23,400 addresses are holding ~31 billion $DOGE!.”
Per Ali, Dogecoin is preparing for a bullish breakout. Doge’s chart patterns depict two key patterns hinting at this development above. Firstly, Doge’s RSI may soon break the descending trendline on the daily chart. At the same time, once Doge can manoeuvre around $0.11 and breach it, the token may embrace the bullish market wave to surge to higher price levels.
In the middle of it, Elon Musk, the Founder of Tesla and a Doge endorser, has also floated a few indirect tweets that have helped the Dogecoin price go up for a brief period of time.
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The Token’s Technical Price Analysis
According to CoinCodex, Dogecoin may surge briefly around September 21 to hit $0.106 but eventually drop around September 22 to trade at the $0.105 price level.
CoinCodex later adds how Doge may drop further around mid-October to trade at the $0.091 level.
“According to our current Dogecoin price prediction, the price of Dogecoin is predicted to drop by -13.70% and reach $0.091274 by October 19, 2024. Per our technical indicators, the current sentiment is neutral, while the Fear & Greed Index is showing 49 (Neutral). Dogecoin recorded 16/30 (53%) green days with 4.36% price volatility over the last 30 days. Based on the Dogecoin forecast, it’s now a good time to buy Dogecoin.”
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