Dogecoin continues to develop within a triangle consolidation pattern just above its critical 200-day moving average support. However, multiple technical factors point to gathering upside energy ahead of a major bullish breakout, according to Coinpedia.
What you'll learn 👉
On-Chain Data Signals Imminent Price Surge
Despite a slowing crypto market, on-chain data reveals parabolic growth in new Dogecoin addresses and active users. Last week alone, over 890,000 new DOGE wallets were created, reflecting soaring engagement. Rising adoption mirrors previous price rallies and likely foreshadows another momentum surge.
Still, short-term uncertainties have kept DOGE rangebound under descending resistance around $0.085 as it continues tightening within its triangle formation using the 200D MA as a floor.
Indicators Suggest Breakout Conviction Building
Nonetheless, improving momentum indicators hint at gathering bullish energy. The tight Bollinger Band squeeze indicates heightened volatility risk ahead. And positive RSI divergence signals shaken out weak hands are exhausted.
With investors re-accumulating DOGE amid growing network effects, Dogecoin seems primed to attempt breaking its stubborn descending triangle resistance.
Upside Targets in Focus
Specifically, a daily close above $0.085 and then $0.10 would confirm the next bull wave is underway and could enable DOGE to surge as much as 26% from current levels. Coinpedia expects this surge to happen by the end of the week.
Broader crypto retracement risks remain the largest threat for an exhausted rally, so caution warrants. However, analysts are paying close attention to the growing evidence that Dogecoin is about to break out thanks to a dramatic increase in user adoption and usage at the grassroots level.
You may also be interested in:
- Why Is Flare’s FLR Price Up? Partnership With This Tech Giant Attracts More Investors
- Shiba Inu Bulls Eye Crucial Breakout as Continuous SHIB Burn Could Spike Price to This Level
- Solana (SOL) New Rival Is Only $0.009 Today; Will It Reach $1 in 2024?
A unique play-to-earn gaming platform in the memecoin market
The platform combines artisanal and gold mining with cryptocurrencies in an unusual gaming context, offering a distinctive and immersive experience
Fosters a strong community by encouraging physical meetups among members
NFT Integration with Prominent Characters