Crypto analyst Balo (@btcbalo) identified a major breakout in Dogecoin (DOGE/USD) indicating a bullish trend. His analysis on a 4-hour chart highlighted Dogecoin's breach of a significant downtrend line on December 28, marking a turning point. This line, from December 8's apex of $0.48, was a strong resistance.
Dogecoin's successful retest of the breached trendline and emergence from a descending triangle suggest a shift in sentiment. Balo emphasizes the volume profile showing strong support around $0.32 and limited resistance until $0.40-$0.43, making new highs likely.
The ABC pattern completion also supports the bullish outlook. At the time of writing, Dogecoin trades at $0.34. Balo's remarks signal potential for new highs soon.
