A Weekly Close Above This Channel Top Will Trigger Massive Buys for Dogecoin (DOGE)

The price of Dogecoin (DOGE) has been trading in a descending channel since October 2022, forming support and resistance levels for over a year now. DOGE recently found support around $0.05, which was the last channel’s bottom. Now it faces resistance at around $0.07 at the top of the channel.

According to crypto analyst Rekt Capital, DOGE saw some “buy-the-dip” behavior over the past week which took the price back to the $0.07 resistance level. However, there has been no strong rejection and continued downside for DOGE yet.

Breakout Needs Confirmatory Weekly Close

The most important signal to watch for is a weekly close above the descending channel top, which would confirm a technical breakout for DOGE. A break above the channel resistance could trigger massive buys from traders, pushing the price higher.

DOGE has forged lower lows along the channel bottom over the past year. A breakout above the channel top would show a decisive shift in market structure and upside momentum.

Buyers Looking for Confirmation

It seems DOGE buyers remain interested but are waiting for a confirmed break above $0.07 before entering large positions. The weekly close will give traders added confidence in the breakout’s validity.

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If DOGE can close the week above $0.07, there is open air above until horizontal resistance around $0.10. A close above the channel could spark a strong rally toward that next overhead resistance level.

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Temitope Olatunji
Temitope Olatunji

Temitope is a seasoned writer with over four years of experience. He specializes in Web3 and FinTech topics and enjoys creating content in these areas. He holds both a bachelor's and master's degree in Linguistics. When not writing, he trades forex and plays video games.