Dogecoin Breaks Out of Bearish Trendline, Targets $0.3 Level
Dogecoin's price has recently gained bullish momentum, recovering from a low near $0.215 and targeting the $0.25 level. This increase aligns with Bitcoin's new all-time highs, boosting overall market confidence.
Key Developments
- Technical analysis shows Dogecoin is in an ascending channel, aiming for at least $0.3.
- A breakout from a long-standing bearish trendline indicates a shift to a bullish environment.
- Support established between $0.1950 and $0.2150 strengthens the bullish outlook.
Targets for Dogecoin
- First target: $0.2530, based on swing high from May 11.
- Second target: $0.2750, at the upper boundary of the ascending channel.
- Major resistance at $0.3035, previously a support level in January.
A breakdown below $0.1950 would invalidate the bullish scenario. Currently, Dogecoin is trading at $0.2447, reflecting a 2% increase in the last 24 hours.
