Dogecoin (DOGE), the popular meme-inspired cryptocurrency, is currently showing signs of a potential breakout according to recent technical analysis. Following a 23% decline from its local highs, DOGE is now testing a crucial demand level, which could predict new yearly highs soon if the trend holds.
The analysis indicates that a bullish triangle pattern has been breached on the 4-day chart, suggesting a positive outlook in the short term for Dogecoin. Over the last 30 days, Dogecoin has seen an 11% increase in its value, with its market capitalization standing at $16.11 billion at present.
Dogecoin is currently trading at $0.106. For it to maintain bullish momentum and confirm the breakout, it must break through the resistance level of $0.12. Achieving this could pave the way for further gains and establish a new upward trend.
