Kevin Svenson and Daan Crypto Trades See Dogecoin (DOGE) Holding Onto Support, Eyeing a Breakout

Dogecoin DOGE/USD has been seeing more sideways trading action, with traders wondering when the meme coin will break out for a significant price move.

Dogecoin (CRYPTO: DOGE) price action has been largely sideways for the past few weeks, with traders closely watching the meme coin for its next breakout.

Here's a quick summary of what some traders are saying about Dogecoin.

Crypto Kevin identified key levels on Dogecoin using the weekly 200 simple moving average for long-term support and resistance. In this case, 200 SMA is indicating a potential price reversal.

Another indicator, the stochastic RSI, compares an asset’s closing price to its price range over a specified period. For Dogecoin, it suggests the asset is oversold, potentially indicating an upcoming price bounce.

Dogecoin price is seen holding on to support by another crypto trader. The trader highlighted a catalyst for a push is lacking but added, "did sweep the liquidity below but I would want to see this trade back above ~$0.13 to show some strength."

Exchange Netflows Surged 333%

IntoTheBlock data shows Dogecoin's exchange netflows surged 333.2% in a single day. Notably, 75% of DOGE holders are in profit, while 66% have been holding for over a year.

Top Trader's Analysis

Crypto Kaleo analyzed Dogecoin's historical trade pattern, highlighting the boring market sentiment for most of its existence. However, the trader also pointed out the meme coin's rallies, saying "It had one run that pumped ~6000% from the lows and another that pumped more than 30,000%." Both the moves, he adds, took around 8-9 months after the halving. Currently, we are only two months into the halving.

"This next move (doesn’t) happen until Dec – Feb."

He concluded by predicting some more time left for the rally to start, "I still believe we’re in a meme coin supercycle and we’ll see DOGE send to $1 – $2."

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