Dogecoin Breakout: $0.0790 Resistance Level Broken, Next Target $0.1183
Dogecoin (DOGE) has broken out of its tight range and is now showing signs of strength. The token's price has moved above $0.0790, a key resistance level it had been stuck between since June. This break-and-retest pattern suggests that DOGE may be setting up for a continued rise.
According to technical analysis, the 50-day Exponential Moving Average (EMA) and Relative Strength Index (RSI) are both indicating bullish momentum. The RSI has jumped above the neutral level of 50, while the 24-hour volume has surged to over $1.49 billion. Additionally, futures open interest has risen, signaling growing investor demand.
However, it's worth noting that DOGE ETF inflows have been struggling, with outflows reaching $343k this month. If this trend continues, it could dampen the token's momentum and lead to a reversal of its recent gains.
XRP has also shown signs of strength, breaking out from a falling wedge pattern and forming a bullish flag setup. The token's price is above the 50-day moving average, indicating that bulls are in control for now. XRP ETF inflows have been positive, with $159 million added last month and $13 million so far this month.
Additionally, exchange supply has been falling, which can be a catalyst for sustained growth. The next key resistance level to watch is $1.6975, XRP's highest level in August.