Dogecoin Targets $0.33 as Channel Breakout Nears
The daily chart for Dogecoin is forming a rising channel and on-balance volume (OBV) wedge, signaling potential upward movement. Key observations include:
- Dogecoin's price has consistently respected an ascending channel since early summer, with higher lows and lower-high rejections.
- The chart suggests potential consolidation within the channel, followed by a breakout attempt between $0.32 and $0.33.
- An OBV breakout before a price move would indicate fresh accumulation and increase chances of reaching the channel's top.
- A successful breakout above $0.32–$0.33 could lead to further gains towards $0.4843, seen in December 2024.
- If OBV fails at its support or if the price loses the ascending base, it may test lower support levels again.
At present, Dogecoin is trading at $0.2559.
