Dogecoin

2024

Strong

Daily

Dogecoin (DOGE), the popular meme-inspired cryptocurrency, is currently demonstrating signals that suggest it might be on the cusp of a significant bullish breakout. 
According to a <a href="https://x.com/ali_charts/status/1792893423541772455" target="_blank" rel="noopener nofollow">recent analysis</a> from prominent crypto analyst Ali, the meme-inspired cryptocurrency appears to be approaching a crucial resistance level, with market behaviors hinting at potential upward movement. 
<h2 id="eyes-set-on-breaking-the-0-2-resistance-level">Eyes Set On Breaking The $0.2 Resistance Level</h2> 
Ali, a well-known market analyst, pointed out that Dogecoin is testing the possibility of reaching its highest price level in over a month at $0.2. His analysis is based on DOGE’s recent <a href="https://www.newsbtc.com/news/dogecoin/dogecoin-breaks-out-above-0-153/" target="_blank" rel="noopener ">escape from a descending triangle pattern</a>, which typically suggests a shift in market dynamics favoring buyers. 
Following a pattern similar to the previous cycle, where DOGE experienced a retracement after breaking out from a descending pattern before rallying, the asset has recently completed a significant 47% retracement. 
This movement has led Ali to highlight the market’s tendency to echo past patterns, though not perfectly. With the breakout from the descending pattern and subsequent retracement now complete, DOGE is positioning itself for another push toward the $0.2 resistance level. 
<blockquote class="twitter-tweet"> 
 History doesn’t repeat itself, but it often rhymes!! <a href="https://t.co/qr9BG5QnjH" target="_blank" rel="noopener nofollow">https://t.co/qr9BG5QnjH</a> 
 — Ali (@ali_charts) <a href="https://twitter.com/ali_charts/status/1792893423541772455?ref_src=twsrc%5Etfw" target="_blank" rel="noopener nofollow">May 21, 2024</a>
</blockquote> 
This level has proven challenging, with selling pressure frequently intensifying around this range. However, the broader market sentiment <a href="https://www.newsbtc.com/analysis/doge/dogecoin-take-off-0-1540/" target="_blank" rel="noopener ">remains bullish</a>, which could support Dogecoin’s push toward this key price point. 
Notably, to reach $0.2, DOGE would need to increase further by nearly 20% from its current position. Currently, the <a href="https://www.newsbtc.com/shiba-inu/despite-price-lull-shiba-inu-burn-rate-heats-up-are/" target="_blank" rel="noopener ">memecoin</a> is trading at $0.168, reflecting a 10% increase over the past 24 hours and continuing a week-long uptrend that has seen nearly a 15% increase. 
<img loading="lazy" decoding="async" class="size-medium" src="https://www.tradingview.com/x/OfhDOEeJ/" alt="Dogecoin (DOGE) price chart on TradingView.com" width="2770" height="1496"> 
<h2 id="surging-interest-in-dogecoin-and-strong-upside-signal">Surging Interest In Dogecoin And Strong Upside Signal</h2> 
The positive movement in DOGE’s price performance is further underscored by a surge in DOGE’s open interest, which has risen by 23% in the past day to reach $1 billion, according to <a href="https://www.coinglass.com/currencies/DOGE" target="_blank" rel="noopener nofollow">data</a> from Coinglass. 
<img loading="lazy" decoding="async" class="wp-image-609175 size-large" src="https://www.newsbtc.com/wp-content/uploads/2024/05/Screenshot-2024-05-21-at-17.53.35.png?w=860&amp;resize=860%2C213" alt="DOGE Futures Open Interest (USD)." width="860" height="213" srcset="https://www.newsbtc.com/wp-content/uploads/2024/05/Screenshot-2024-05-21-at-17.53.35.png?w=2780 2780w, https://www.newsbtc.com/wp-content/uploads/2024/05/Screenshot-2024-05-21-at-17.53.35.png?w=460 460w, https://www.newsbtc.com/wp-content/uploads/2024/05/Screenshot-2024-05-21-at-17.53.35.png?w=768 768w, https://www.newsbtc.com/wp-content/uploads/2024/05/Screenshot-2024-05-21-at-17.53.35.png?w=860&amp;resize=860%2C213 860w, https://www.newsbtc.com/wp-content/uploads/2024/05/Screenshot-2024-05-21-at-17.53.35.png?w=1536 1536w, https://www.newsbtc.com/wp-content/uploads/2024/05/Screenshot-2024-05-21-at-17.53.35.png?w=2048 2048w, https://www.newsbtc.com/wp-content/uploads/2024/05/Screenshot-2024-05-21-at-17.53.35.png?w=750 750w, https://www.newsbtc.com/wp-content/uploads/2024/05/Screenshot-2024-05-21-at-17.53.35.png?w=1140 1140w" sizes="(max-width: 860px) 100vw, 860px" data-recalc-dims="1"> 
Additionally, the open interest volume has soared by 200%, now at nearly $4 billion. An increase in open interest indicates that new <a href="https://www.newsbtc.com/news/did-a-dogecoin-whale-just-sink-the-doge-ship-the-30-million-transfer-mystery/" target="_blank" rel="noopener ">market participants</a> are entering or existing positions are being expanded. This can be a sign of strengthening market activity and a supportive factor for the ongoing price increase. 
Echoing Ali’s sentiment, another analyst from Crypto Daily Trade Signals <a href="https://www.newsbtc.com/news/dogecoin/dogecoin-forms-symmetrical-triangle-rally-on-the-horizon/" target="_blank" rel="noopener ">identified a symmetrical triangle pattern in DOGE’s price movements</a>, reinforcing the potential for continued upward momentum. 
According to this analysis, Dogecoin is showing signs of bullish behavior, with immediate resistance near $0.15950. However, since DOGE already surpassed that, the analyst noted other resistance levels at $0.16980 and $0.18440. 
Featured image created with DALL·E, Chart from TradingView

Dogecoin Bulls On The Rise: Analyst Highlight Path To $0.2

Table of Contents

NewsBTC

Other articles published on May 22, 2024

Meme Coins Explode On Ethereum ETF Optimism As Pepe Hits ATH

Federal Reserve Is Struggling To Make Sense of U.S. Inflation

Billy Markus on Dogecoin ETF: ‘It Would Be Amusing

Ethereum is not the only reason why Uniswap [UNI] pumped 18% in 24 hours

Open Campus (EDU) soars 35% amid Animoca Brands intent to buy more tokens

Grayscale Updates Filing for Ethereum Mini Trust

Join our free newsletter for daily crypto updates!