Dogecoin Poised for Major Upswing Leading Analysts Forecast a 91 Jump to 021 Soon
Key Resistance Break Could Propel Dogecoin to $0.21, According to Captain Faibik
Dogecoin, the popular meme cryptocurrency, is at a critical juncture as the crypto market reaches $2.2 trillion. Captain Faibik, a well-known crypto trader, believes that Dogecoin is on the verge of breaking a key resistance level. If successful, this breakout could lead to a staggering 91.7% rally, propelling the meme coin to new all-time highs.
Over the years, Dogecoin has experienced its fair share of ups and downs, often gaining attention due to social media hype or celebrity endorsements. Now, according to Faibik’s analysis, Dogecoin might be on the cusp of another major movement.
Faibik’s chart analysis highlights a bullish falling wedge pattern forming on the 1-day price chart, indicating a potential breakout that could push the coin’s price to $0.21, a level that Dogecoin hasn’t reached in quite some time.
This potential breakout has caught the attention of many traders and investors, who are closely monitoring the price. If the price manages to break through key levels, it could attract more buyers, further driving up the value of Dogecoin.
Ali, a well-known crypto analyst, shares a similar bullish outlook on Dogecoin and predicts a possible breakout. His analysis focuses on the Relative Strength Index (RSI) breaking its descending trendline on the daily chart, suggesting a potential shift in the market.
For Dogecoin to enter a full-fledged bullish phase, Ali suggests that it needs to surpass the crucial $0.11 resistance level. If successful, this breakthrough could trigger a rally and push Dogecoin to test new highs, marking the next phase of its upward movement.
Currently, Dogecoin is trading at $0.11, showing a modest 1% increase following the Federal Reserve’s decision to cut interest rates by 50 basis points. Despite this upward movement, Dogecoin remains 8% below its crucial 200-day exponential moving average (EMA) at $0.117.
The $0.117 level is significant for establishing long-term bullish momentum as it has historically indicated market direction.
Analysts suggest that if Dogecoin manages to break above the $0.11 resistance, it could reach the next resistance level at $0.16 before potentially rising to $0.21. However, if it fails to overcome the $0.11 resistance, Dogecoin may retreat to support levels around $0.097.