Dogecoin Trendline Test Could Decide Next Move

Dogecoin has been steadily climbing over the past two weeks, but its next move may be determined by a single rejection or breakout.

The cryptocurrency's price is currently at $0.08844, up 3.1% over the past 24 hours, with a market capitalization of nearly $13.79 billion.

Liquidation data shows that futures traders have taken losses on both sides of the market, but pressure has leaned more toward long positions, suggesting that traders betting against Dogecoin got caught out during the recent upward push.

The 4-hour chart for DOGEUSDT shows that the price is holding above a rising trendline that has supported the move since September 16, with an RSI reading of 60.42 just below its moving average of 60.52, indicating positive but not stretched momentum.

If Dogecoin tests the trendline and bounces, it may move back toward the $0.0894 resistance zone first, while a close above that level on rising volume could open the path to $0.09203, and a confirmed breakout there puts $0.09515 in range.