- DOGE forms an ascending triangle and faces resistance at $0.130 with breakout targets of $0.140 and $0.150.
- Technical indicators suggest DOGE may gain upward momentum if current resistance levels are successfully breached.
- Trading volume jumped 58.87% to $2.47B, signalling a surge in investor interest ahead of a possible breakout.
Dogecoin (DOGE) is currently trading at $0.24 with a slight increase of 1.82% in the last 24 hours. This increased volume correlates with a massive 58.87% increase in trading volumes, now amounting to $2.47 billion, which represents an expanding short-term market activity.
Despite this bullish momentum, DOGE has decreased by 10.71% over the last 7 days, prompting certain investors to adopt a cautious approach. However, technical indicators show that there is a possible bullish breakout coming that can bring back the market enthusiasm and fuel a new interest in the meme coin.
Source: CoinMarketCap
DOGE Builds Bullish Ascending Triangle for Breakout
Crypto analyst FOUR Crypto Spaces highlighted that DOGE is developing a bullish ascending triangle, indicating the possibility of a break. The resistances come at $0.125 and $0.130, whereas the support will be the ascending trendline. A breakout would see DOGE hit $0.140 with a possible hit to $0.150, an important zone monitored by traders as an opportunity to gain.
Source: X
Moreover, another analyst, Jonathan Carter, mentioned that the cryptocurrency is reaffirming a double bottom breakout. It has broken out above the level and is trying to break above the neckline. In case the rally gains traction, the coin can seek resistance at $0.28, $0.33, and $0.41.
Source: X
Also Read: Dogecoin (DOGE) Price Prediction for July End: $0.28 in Sight if Support Holds
RSI Indicates a Neutral Market Position for DOGE
The Relative Strength Index (RSI) of the token at 51.56 indicates that the market is neutral. This implies that the coin is not overbought or oversold. The Moving Average Convergence Divergence (MACD) indicator also depicts a bit of bullish momentum.
MACD line is showing -0.0003, MACD Signal line is showing 0.0010 and MACD Histogram is 0.0014. These indicators imply that the token has the potential to grow further in case the market conditions are favourable.
Source: TradingView
Open Interest Continues to Increase Steadily
According to CoinGlass data, the trading volume of the token has grown by 36.37% and is now $6.86 billion. Open interest also increased by 6.25%, to reach $4.40 billion. These numbers indicate increasing investor interest and a good investment perspective of the token. The OI-Weighted Funding Rate is at 0.0120%, which is a good sign that a price rally will soon hit.
Source: CoinGlass
Watching the token closely, traders are keeping a close eye on its next steps. A breakout higher than the existing resistance might usher in subsequent price gains. As long as the bullish momentum persists, the token can challenge the higher prices, so it is one of the important assets to observe in the coming days.
Also Read: Dogecoin Price Prediction Eyes Breakout Toward $0.36 as Bullish Momentum Grows
