DOGE Breaks Resistance: Is a Larger Upside Move Brewing?
Dogecoin (DOGE) is experiencing a bullish trend, with its price currently trading at $0.07158 on August 12th. This marks a modest 2.22% increase in value, accompanied by a significant surge in trading volume to over 66%, reaching $594.73 million. The cryptocurrency has broken through a resistance line and cleared the first major sell wall, which led to the liquidation of high-leverage short positions.
Three key bullish signals have emerged on the daily chart: a bullish divergence that played out over a month, where the price printed lower lows while the Relative Strength Index (RSI) formed higher lows; the price breaking through a descending trendline, confirming the shift in momentum; and the RSI clearing its own ascending resistance trendline.
DOGE is currently consolidating within a rectangle between $0.068 support and $0.075 resistance. To move to the next level, it needs to break above $0.075, which would open the path towards $0.080 as the major target. However, if there's a sturdy fall, the price could drop down to $0.063.
The Moving Average Convergence Divergence (MACD) line is above the signal line, indicating an active bullish buy signal. The primary market structure of DOGE is firmly in a long-term uptrend, with overall momentum controlled by buyers. This aligns perfectly with both short-term and long-term trends pushing the price higher.