The article discusses the recent price rally of Dogecoin, as it approaches the significant $0.18 mark, which was a previous all-time high for the meme coin. This upward movement has captured the interest of traders and long-term holders, sparking speculation about a potential breakout.
Technical analysis shows that Dogecoin maintains its position above the 100-day Simple Moving Average (SMA) on the 4-hour chart, signaling sustained bullish momentum. The relative strength of buyer interest is highlighted by its support level at $0.149.
The 4-hour Relative Strength Index (RSI) shows bullish potential with a current seat at 65%, suggesting renewed buying momentum and a shift from a bearish to a neutral or possibly bullish phase.
On the daily chart, Dogecoin's strong upward movement and a series of positive candlesticks reinforce sustained buying pressure and optimistic market sentiment. The daily RSI at 65% indicates enhancing strength in price action.
As Dogecoin nears the $0.18 resistance, breaking through could lead to new all-time highs, while failing might cause a pullback to $0.149. The analysis suggests that ongoing patterns and market sentiment largely favor a potential breakout.
