Ethereum

Dogecoin

Rally

Resistance

Dogecoin Price Analysis: The fourth week of May began with a bang as the altcoin market saw significant inflows following Ethereum’s price surge to $3700. Over the past 24 hours, ETH has risen by 18.8%, likely due to anticipation of the launch of the first spot <a href="https://coingape.com/trending/7-crypto-assets-to-buy-amid-spot-ethereum-etf-frenzy/" rel="noopener noreferrer nofollow">Ethereum ETF</a>. Among several altcoins, the canine memecoin <a href="https://coingape.com/dogecoin-whale-shuffles-600m-doge-as-price-rallies-13-whats-next/" rel="noopener noreferrer nofollow">DOGE</a> has shown notable growth, breaching a key resistance level and ending a seven-week correction, signaling a shift in market dynamics.
Also Read: <a href="https://coingape.com/sponsored/dogecoin-doge-founder-defends-musk-on-key-algo-feature-will-o2t-a-i-tech-remain-triumph/" rel="noopener noreferrer nofollow">Dogecoin (DOGE) Founder Defends Musk On Key Algo Feature, Will O2T A.I Tech Remain Triumph</a>
<h2 id="b-doge-breaks-resistance-amid-market-recovery-eyes-35-rally-b">DOGE Breaks Resistance Amid Market Recovery, Eyes 35% Rally</h2>
<figure style="width: 100%" class="wp-caption alignnone"><img decoding="async" src="https://s3.tradingview.com/snapshots/4/4GYkvfxU.png" alt="BINANCE:DOGEUSDT Chart " width="1946" height="873">
 <figcaption class="wp-caption-text">
 Dogecoin Price Analysis| Tradingview
 </figcaption>
</figure>
Following the intense downtrend over the past few weeks, the <a href="https://coingape.com/price-predictions/dogecoin-doge-price-prediction/" rel="noopener noreferrer nofollow">DOGE price</a> finally exceeds the overhead resistance trendline after multiple bearish reversals. The bullish comeback for the meme coin comes with the broader market recovery as the Bitcoin price surpasses the $71,000 barrier.&nbsp;
The <a href="https://coingape.com/meme-coin/" rel="noopener noreferrer nofollow">meme coin</a> has increased by 9.7% over the last 24 hours to trade at $0.164 currently. This leads to two consecutive bullish candles exceeding the resistance trendline and challenges the crucial horizontal resistance of $0.17.&nbsp;
As the broader market recovery continues with the Ethereum ETF approval anticipations growing strong, the DOGE coin is expected to continue the bull run. In case of a breakout of the horizontal resistance at $0.17, the breakout rally for the DOGE price could reach the previous peak at $0.228.&nbsp;
This accounts for a price jump of 35% percentage. However, a bearish reversal from the horizontal resistance could retest the broken resistance trendline. In the shorter time frame, the <a href="https://coingape.com/markets/dogecoin-price-prediction-will-whale-activity-drive-doge-to-0-5/" rel="noopener noreferrer nofollow">Dogecoin</a> price action also displays an inverted head and shoulder pattern, which is a bullish continuation pattern.&nbsp;
The neckline for this pattern stands at $0.17. Currently, the DOGE price shows the bullish breakout of this inverted head and shoulder pattern, which is a bullish indication for the sideline traders.
<h2 id="b-technical-indicator-b">Technical Indicator</h2>
<ul>
 <li style="font-weight: 400;" aria-level="1">Exponential Moving Average: A bullish crossover between the 20-and-50-day <a href="https://coingape.com/education/exponential-moving-average-how-to-leverage-it-in-crypto-market/" rel="noopener noreferrer nofollow">EMAs</a> could accelerate the current bullish momentum.</li>
 <li style="font-weight: 400;" aria-level="1">Average Directional Index: The recent breakout aligned with ADX’s uptick at 16% highlights an active attempt from buyers to rally further.</li>
</ul>
The post <a href="https://coingape.com/markets/dogecoin-price-analysis-can-doge-break-0-2-resistance-before-may-ends/" rel="noopener noreferrer nofollow">Dogecoin Price Analysis: Can DOGE Break $0.2 Resistance Before May Ends?</a> appeared first on <a href="https://coingape.com" rel="noopener noreferrer nofollow">CoinGape</a>.

Dogecoin Price Analysis: Can DOGE Break $0.2 Resistance Before May Ends?

Table of Contents

Coingape News Media

Other articles published on May 21, 2024

Why is the crypto market up today? Bitcoin, Ethereum lead gains

A Predicted 100x Surge Post-Launch For Raboo. USDT And USDC Prices Remain Stable

Ethereum ETF Buzz Hint Biden’s Crypto Policy Shift, What’s The Catch?

ChatGPT-4o Picks Out These 3 Altcoins As The Best Crypto To Buy In 2024

Ethereum Rockets as On-Chain Activity Soars Wirth ETF Approval Buzz!

Promising Altcoins to Partner with in 2024

Join our free newsletter for daily crypto updates!