Will Dogecoin (DOGE) hold above $0.30 for a bullish breakout to the $0.35 mark?
As Bitcoin hovers near the $93,000 support level, Dogecoin has dropped by 2.75% over the past 24 hours. Despite the bearish continuation and high fluctuations, Dogecoin remains above the $0.30 mark, with a market cap of $46.16 billion.
As a whale shows confidence in the largest meme coin, the underlying sentiment hints at a bullish resurgence. With support from a divergence in the 4-hour RSI, could Dogecoin start a breakout rally in 2025?
Dogecoin Price Chart
On the 4-hour chart, Dogecoin’s price action shows solid support around the $0.30 mark. However, the long-standing resistance trendline keeps bullish growth in check, creating a consolidation pattern.
Currently, the compression in Dogecoin’s price trend forms a descending triangle pattern, cementing the crucial support at the $0.30 psychological level. This coincides with the 23.6% Fibonacci retracement level, further solidifying its importance.
Dogecoin is preparing for a morning star reversal from the support zone to challenge the overhead resistance trendline. The current market price of Dogecoin stands at $0.3171, reflecting a 1.73% increase in the past 4 hours.
This pattern completes a morning star formation and challenges the 20-EMA line, signaling a potential bullish shift. Additionally, the move targets the resistance trendline, which could add momentum to the uptrend.
Increasing the chances of a bull run, the 4-hour RSI shows a bullish divergence, hinting at a bounce-back rally and instilling confidence in bullish traders.
DOGE price Targets
In case of a bullish breakout, the uptrend in Dogecoin is likely to challenge the 50% Fibonacci level at $0.3521.
Furthermore, on the flip side, if the downfall continues with Bitcoin approaching the $90,000 level, the breakdown of $0.30 seems inevitable. In such a case, the Dogecoin price is likely to test the $0.265 support level.
DisClamier: This content is informational and should not be considered financial advice. The views expressed in this article may include the author's personal opinions and do not reflect The Crypto Basic opinion. Readers are encouraged to do thorough research before making any investment decisions. The Crypto Basic is not responsible for any financial losses.
