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Dogecoin (DOGE) Just Inch Away From ‘Breakout of the Year’
According to recent market developments and technical analysis, Dogecoin is extremely close to achieving a massive breakout, which would be considered one of the most significant in its history. The cryptocurrency’s price has been steadily pushing against a long-standing downtrend that began in December, and if it manages to close this week above the resistance line, many experts believe it could potentially surge towards $0.50, representing an astonishing 250% increase from current levels.
At the moment, DOGE is trading just above $0.196. Furthermore, the weekly chart has displayed a breakout above the downtrend that has been in place for seven months. If this trendline holds through Sunday, it could be setting up Dogecoin for a significant pump towards the mentioned target of $0.50.
It’s worth noting that a similar pattern played out in October when DOGE broke a long-standing resistance level and subsequently rallied by an impressive 600%. The current setup appears to be mirroring this exact same structure: repeated rejections after rejections, followed by a weekly candle breaking through the ceiling.
While it is crucial to emphasize that a breakout has not yet been confirmed, early indications are promising. It’s important for chart enthusiasts to note that weekly closes carry much more weight than intraday spikes, particularly when considering a pattern spanning nearly six months. However, if this move does validate, many experts predict a clear path towards the $0.50-$0.60 range.
In essence, there is minimal historical resistance until that zone, and DOGE has consistently demonstrated in the past that once it begins moving upwards, it tends not to slow down halfway.
Source: u.today
