Reason to trust
Strict editorial policy that focuses on accuracy, relevance, and impartiality
Created by industry experts and meticulously reviewed
The highest standards in reporting and publishing
How Our News is Made
Strict editorial policy that focuses on accuracy, relevance, and impartiality
Ad discliamer
Morbi pretium leo et nisl aliquam mollis. Quisque arcu lorem, ultricies quis pellentesque nec, ullamcorper eu odio.
Dogecoin’s recent price action has taken a noticeably bullish turn, with the meme coin bouncing off support at the beginning of the week and steadily building upward momentum. Over the past few days, Dogecoin has been on the path to reclaiming the $0.25 level after rebounding from a low near $0.215. This upward move coincides with Bitcoin’s surge to new all-time highs, which has helped to inject new confidence across the broader crypto market.
Notably, technical analysis of the Dogecoin/TetherUS pair on the daily candlestick timeframe shows that the meme coin’s price has now flipped into an ascending channel headed for at least $0.3.
Dogecoin Confirms Bullish Breakout As Trendline Crumbles
According to a technical analysis posted on the TradingView platform by crypto analyst Melika, Dogecoin has bounced on through a long-standing bearish trendline that had acted as a major resistance in April. This breakout is a by a clear validation of an ascending channel that has formed since late April.
The breakout indicates a full transition from bearish pressure into a bullish environment, with the price structure now leaning heavily in favor of the bulls. In this case, Dogecoin is now on the path to continue its uptrend from its $0.13 bottom on April 7, and the next target is to reach the top of the ascending channel.
A critical aspect of this breakout is the reaction from the midline of the channel, which Dogecoin respected with precision before climbing again. The coin also retested the demand block between $0.1950 and $0.2150 earlier in the week. The failure to break below shows that this region has now turned into a strong structural support moving forward. As long as the price remains above this level, Dogecoin’s potential of reaching the top of the ascending channel is valid.
What Targets Lie Ahead For Dogecoin?
With momentum now on the side of the bulls, Melika’s analysis projects three critical levels that could serve as short profit zones for Dogecoin traders. The first target is $0.2530, which aligns with the swing high on May 11. If Dogecoin bulls maintain the price uptrend, the second target of $0.2750 could come into play. Interestingly, this target is located at the upper boundary of the ascending channel.
Beyond that lies the major horizontal resistance at $0.3035. This level is significant because it acted as a support level for Dogecoin in January. However, Dogecoin eventually went on a clean breakthrough below $0.3035 in early February, which has flipped into a zone to look out for resistance. Breaking through this area would not only signal a full recovery from the recent downtrend but also open the door to higher price levels.
However, any rejection or breakdown below $0.1950 would invalidate this bullish thesis, as it would indicate a breach of both the demand zone and the channel structure. At the time of writing, Dogecoin is trading at $0.2447, up by 2% in the past 24 hours.
Featured image from Getty Images, chart from Tradingview.com
Scott Matherson is a prominent crypto writer at NewsBTC with a knack for capturing the pulse of the market, covering pivotal shifts, technological advancements, and regulatory changes with precision. Having witnessed the evolving landscape of the crypto world firsthand, Scott is able to dissect complex crypto topics and present them in an accessible and engaging manner. Scott’s dedication to clarity and accuracy has made him an indispensable asset, helping to demystify the complex world of cryptocurrency for countless readers.
Scott’s experience spans a number of industries outside of crypto including banking and investment. He has brought his vast experience from these industries into crypto, which allows him to understand even the most complex topics and break them down in a way that is easy for readers from all works of life to understand. Scott’s pieces have helped to break down cryptocurrency processes and how they work, as well as the underlying groundbreaking technology that makes them so important to everyday life.
With years of experience in the crypto market, Scott began to focus on his true passion: writing. During this time, Scott has been able to author countless influential pieces that have drawn in millions of readers and have shaped public opinion across various important topics. His repertoire spans hundreds of articles on various sectors in the crypto industry, including decentralized finance (DeFi), decentralized exchanges (DEXes), Staking, Liquid Staking, emerging technologies, and non-fungible tokens (NFTs), among others.
Scott’s influence is not just limited to the countless discussions that his publications have sparked but also as a consultant for major projects in the space. He has consulted on issues ranging from crypto regulations to new technology deployment. Scott’s expertise also spans community building and contributes to a number of causes to further the development of the crypto industry.
Scott is an advocate for sustainable practices within the crypto industry and has championed discussions around green blockchain solutions. His ability to keep in line with market trends has made his work a favorite among crypto investors.
In his personal life, Scott is an avid traveler and his exposure to the world and various way of life has helped him to understand how important technologies like the blockchain and cryptocurrencies are. This has been key in his understanding of its global impact, as well as his ability to connect socio-economic developments to technological trends around the globe like no one else.
Scott is known for his work in community education to help people understand crypto technology and how its existence impacts their lives. He is a well-respected figure in his community, known for his work in helping to enlighten and inspire the next generation as they channel their energies into pressing issues. His work is a testament to his dedication and commitment to education and innovation, as well as the promotion of ethical practices in the rapidly developing world of cryptocurrencies.
Scott stands steady in the frontlines of the crypto revolution and is committed to helping to shape a future that promotes the development of technology in an ethical manner that translates to the benefit of all in the society.
Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.
