Dogecoin (DOGE) Price Momentum Heats Up as It Makes Another Move Toward the Key $0.18 Mark

The Dogecoin price momentum is heating up as it makes another move toward the key $0.18 mark, a level that previously set an all-time high for the popular

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The price of Dogecoin (DOGE) has surged by more than 10% in the past 24 hours, making it one of the best-performing cryptocurrencies in the top 100 rankings. The recent bullish momentum in DOGE has captured the attention of both traders and long-term holders, sparking speculation about a possible breakout that could take it to new heights.

With bullish pressure picking up, the widely circulating question is whether Dogecoin has the strength to break through its resistance and finally establish a new milestone. This article aims to explore the recent surge in Dogecoin’s price and assess its capabilities to break through the pivotal $0.18 resistance level. Through technical analysis and a look at current market sentiment, this piece provides insights into the driving forces behind DOGE’s rally and evaluates the breakout chances.

Recent Price Surges In Dogecoin (DOGE)

Over the past few days, Dogecoin (DOGE) has experienced a notable surge in buying pressure, evident in its price movements on the 4-hour chart. The asset price has consistently maintained a position above the 100-day Simple Moving Average (SMA), indicating sustained upward momentum and a strong bullish foundation.

This bullish momentum is further supported by a recent rebound from the $0.149 support level, highlighting the strength of buyer interest at this critical point. An analysis of the 4-hour Relative Strength Index (RSI) also reveals renewed bullish potential, as the RSI has risen from the oversold zone to above the 50% threshold.

Currently seating at 65%, this upward shift suggests that buying momentum is gaining traction, indicating a transition from a bearish phase toward a more neutral, possibly bullish stance.

Moreover, on the daily chart, Dogecoin is experiencing a strong move on the upside, highlighted by a series of positive candlesticks that suggest sustained buying pressure. This optimistic trend is reinforced by DOGE’s position above the 100-day SMA, a key level that signals continued strength in the current uptrend.

As the Dogecoin price maintains this trajectory, market sentiment grows increasingly hopeful, creating a favorable setup for more gains as it approaches the $0.18 resistance level. Lastly, the RSI on the daily chart is now at 65%, recovering from a previous dip to 56%.

If the RSI continues to ascend, it may signal enhanced strength in DOGE’s price action. Moreover, maintaining a position above the 60% mark could significantly increase the likelihood of ongoing bullish momentum and possible breakouts, solidifying the asset’s positive sentiment.

Dogecoin (DOGE) Price Analysis: Powering Through Or Pulling Back?

The Dogecoin price is now approaching a critical juncture, nearing the pivotal resistance level of $0.18. Should DOGE successfully break through this threshold, it could set the stage for a substantial rally, potentially reaching new highs.

This bullish momentum has the potential to carry Dogecoin price to new all-time highs, fueled by the buying pressure and positive market sentiment. Such a scenario could spark a wave of optimism among traders and investors, bolstering further buying activity and price surges.

On the other hand, if DOGE is unable to break through the resistance at $0.18, it could trigger profit-taking behavior among traders who bought the asset at lower prices. This profit-taking may cause the Dogecoin price to experience a pullback or retracement from its current highs.

In such a scenario, the asset price could drop toward the $0.149 support level and other additional downside targets, potentially impacting further bullish momentum and price movements.

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