u.today
The recent breakout of Dogecoin has raised expectations for a possible longer-term bull run. With a surge to $0.1040, the price has overcome significant resistance and is gaining momentum back. This gives DOGE a much-needed boost as it attempts to regain lost ground, and it comes after weeks of consolidation and downward pressure.
From the chart, it is clear that DOGE is building bullish momentum because it broke above the 50- and 100-day moving averages. It is currently testing the 200-day EMA, which is located at about $0.1156. If this level is broken, it may indicate a complete reversal. Increasing trading volume is supporting the price action, lending credibility to this breakout.
The market's interest and the possibility of further upward movement are frequently confirmed by this volume spike. An encouraging tale is also presented by the Relative Strength Index. The RSI is currently at 52, meaning that DOGE is in a neutral area but still has room to rise without being overbought.
If DOGE can close and hold above the crucial $0.11-$0.12 range, this technical setup offers hope for a possible continuation rally. Longer-term reversals are further supported by on-chain data. Dogecoin has seen a surge in activity, as shown by higher transaction volumes and more addresses connecting to the network.
These are typically reliable markers of rising interest from institutional as well as retail investors. Big holders have also been observed to be engaging in whale activity, potentially repositioning themselves for future gains by moving substantial amounts of DOGE.
The optimism notwithstanding, it is imperative to remember that DOGE continues to encounter strong resistance in the $0.12–$0.13 range. A longer bull run could be possible if this barrier is broken, but a pullback could result from a failure to keep up the momentum.