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- Dogecoin breaks above the crucial $0.12 level, indicating a potential shift in market sentiment.
- $DOGE’s move past the 200-day MA suggests bullish momentum could be building.
- Traders are watching $0.12 as a key invalidation point for future price movement.
Dogecoin has recently witnessed some action on the charts where DOGE broke the crucial $0.12 horizontal level and the Daily 200 MA. This may be an indication of change of trend for the popular joke based coin that has been quite dormant in comparison to other memecoins in the market. The breakdown of the $0.12 level is an important support level, and most of the analysts observe a renaissance for the amounts above this level.
Crucial Technical Success Above $0.12
Having a breakout over $0.12 enables Dogecoin to negate prior bearish signals and potentially head towards the upside. Evidently, traders assume the 200-day moving average to be an efficient means for ascertaining the long-term movement of share price trends.
$DOGE Making moves. Broke above the important $0.12 horizontal level and the Daily 200MA.
— Daan Crypto Trades (@DaanCrypto) October 19, 2024
Pretty much clear skies above this point with a clear invalidation below $0.12.
For how well meme coins have been doing, arguably DOGE has been left behind. Time to catch up? pic.twitter.com/ICAHyTU7jN
Since $DOGE is already trading above this line there is increasing feeling that the token could be about to embark on a bullish run. But the critical invalidation point stays at the $0.12, which traders are waiting to hold firmly.
Comparisons to Other Meme Coins
While it has experienced a slight increase in the past few days, opponents of DOGE believe that altcoin has not quite been able to replicate the success of other memecoins. The meme coin market has remained somewhat unpredictable with a number of coins becoming instantly popular and making the news for their high returns.
On the other hand, the performance of Dogecoin has been significantly lower and the current technical breakout could be the start of it trying to chase the surge. Thus, if $DOGE can continue its current V formations, there could very well be space for a longer-term move upwards.
Despite its current price fluctuations seemed quite optimistic, the future of Dogecoin firmly depends on the market sentiment. At the moment, it is crucial to know if $DOGE can sustain above $0.12 and try to add to this breakout.