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Dogecoin Breaks Key Resistance – Is a Double-Digit Rally Next?

Dogecoin (DOGE) price chart

TL;DR

  • Dogecoin bounces off $0.22 assist, holding $0.23 as patrons push towards the following resistance zones.
  • Bullish pennant breakout on the 2-hour chart suggests a near-term goal of round $0.275.
  • REX-Osprey DOGE ETF launch provides gasoline to DOGE rally, attracting retail and institutional curiosity.

DOGE Pushes Higher After Holding Key Level

Dogecoin has gained consideration after holding above the $0.23 mark. The asset had lately bounced from the $0.21 to $0.22 zone, an space that supplied assist earlier this month. Since then, the market has proven indicators of power, with patrons stepping in and serving to the value push larger.

As of press time, Dogecoin was buying and selling round $0.24. The 24-hour buying and selling quantity stands at over $3.39 billion. The value is barely decrease in comparison with yesterday, nevertheless it stays up by greater than 11% over the previous week. The $0.23 degree, which was as soon as resistance, now seems to be holding as assist.

Dogecoin (DOGE) price chart
Source: BitGuru/X

Interestingly, technical setups throughout decrease timeframes are exhibiting a bullish outlook. On the 4-hour chart, Dogecoin is buying and selling slightly below the $0.24 degree. This zone had beforehand seen rejection, however the present consolidation suggests the market is getting ready for its subsequent transfer. If momentum continues, a push towards $0.25 might observe.

A 2-hour chart shared by Trader Tardigrade exhibits a breakout from a bullish pennant sample. This sample fashioned after a sharp rally from $0.21 to $0.24. The breakout has set a near-term value goal of $0.275.

“Dogecoin is breaking out of a LTF Bullish Pennant, concentrating on $0.275,” stated Trader Tardigrade.

If the value holds above $0.24, this goal might stay in play over the brief time period.

DOGE ETF Launch Draws Investor Attention

The latest announcement of the REX-Osprey DOGE ETF has added to the curiosity in Dogecoin. The ETF, set to launch on September 11, will use the ticker “DOJE” and would be the first within the U.S. to trace an asset with no declared utility.

Bloomberg ETF Analyst Eric Balchunas confirmed that the ETF will launch with out leverage. It enters the market at a time when greater than 30 different crypto ETF functions stay beneath overview by U.S. regulators.

Santiment data has proven a sharp rise in social mentions round Dogecoin following the ETF information. The launch has fueled discussions amongst retail and institutional members, particularly these watching the memecoin area.

Dogecoin (DOGE) social dominance
Source: Santiment/X

Traders Eye Resistance Levels at $0.25 and $0.29

The subsequent space of focus for the market is $0.25. A transfer above this degree might open the door for additional positive factors. Chart watchers are additionally taking a look at $0.29 as a longer-range resistance level.

Crypto analyst Ali Martinez noted,

“Dogecoin subsequent transfer: break $0.29 and we could possibly be taking a look at a run to $0.50.”

While that degree will not be in speedy attain, the short-term construction stays bullish so long as the value stays above $0.23.

DOGE might want to keep its present vary to assist additional shopping for within the days forward. The coming classes will present whether or not momentum continues or if value returns to earlier assist ranges.

The publish Dogecoin Breaks Key Resistance – Is a Double-Digit Rally Next? appeared first on CryptoPotato.

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