Dogecoin is on the verge of a potential breakout as technical indicators point towards a move to the $0.1491 level. The Relative Strength Index (RSI) has shifted positively, hinting at growing buyer confidence. The analysis delves into Dogecoin's rising bullish potential and the technical factors driving this.
Following a recovery from $0.1293, DOGE has been gaining momentum on the 4-hour chart, trading above the 100-day Simple Moving Average (SMA). This signifies an upward trend and potential for a breakout as the RSI strengthens, heightening traders' optimism.
The daily chart also reflects Dogecoin's upward trajectory with consistent positive candlesticks and resilience above the 100-day SMA, implying former resistance acts as support now. An RSI rise on the 1-day chart to 64% excitement for future price progression.
If DOGE surpasses the $0.1491 resistance, targets around $0.1649 may follow, contingent on sustained bullish momentum. Conversely, if upward strength wavers, retracing to $0.1293 could occur, possibly falling to lower levels like $0.0914.
