Dogecoin

bullish

Verge

Epic

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Dog-themed cryptocurrency <a href="https://u.today/31-billion-doge-what-could-happen-to-dogecoins-price">Dogecoin (DOGE)</a> may be on the verge of a major bullish breakout, according to a prediction by prominent crypto analyst <a href="https://x.com/ali_charts/status/1837551114180612139">Ali Martinez</a>.
Ali, who has been closely monitoring Dogecoin's price movement in recent weeks, pointed out in a recent tweet that one of the two conditions necessary for Dogecoin to achieve a breakout has already been achieved.
<blockquote>
 <a href="https://twitter.com/hashtag/Dogecoin?src=hash&amp;ref_src=twsrc%5Etfw">#Dogecoin</a> is gearing up for a bullish breakout! And one of the two conditions has been achieved:✅The RSI broke the descending trendline on the daily chart. ⭕️Now we need <a href="https://twitter.com/search?q=%24DOGE&amp;src=ctag&amp;ref_src=twsrc%5Etfw">$DOGE</a> surging past the $0.11 resistance! <a href="https://t.co/XN6KPh0fRr">https://t.co/XN6KPh0fRr</a> <a href="https://t.co/SbKS8hY3Ri">pic.twitter.com/SbKS8hY3Ri</a>— Ali (@ali_charts) <a href="https://twitter.com/ali_charts/status/1837551114180612139?ref_src=twsrc%5Etfw">September 21, 2024</a>
</blockquote> 
In an earlier post made Sept. 19, Ali highlighted two key signals to watch as Dogecoin gears up for a bullish breakout: First, RSI breaking the descending trendline on the daily chart and second, Dogecoin surging past the $0.11 resistance.
According to Ali, a condition has been met as the RSI has broken the descending trendline on the daily chart. In technical analysis, the RSI is often used to identify overbought or oversold conditions. A break above the descending trend line could indicate that a change in trend could be imminent. This signal might suggest that buyers may be gaining control, setting the stage for further price gains.
<h2 id="what-s-left">What's left?</h2>
While the RSI breakout is a promising sign, Ali stated that what's now left for a bullish breakout for the Dogecoin price is a clear break above the key resistance level at $0.11, which has proven to be challenging for Dogecoin in recent weeks.
As reported, Ali indicated in an earlier tweet that $0.11 stands as a critical level for a Dogecoin breakout given the enormous amount of coins held at this level.
<a href="https://u.today/dogecoin-doge-cofounder-reacts-to-market-sell-off-details">Dogecoin</a> surged this week following the Federal Reserve's long-anticipated rate cuts on Wednesday. Dogecoin rallied for five days in a row after beginning to increase last Tuesday. The surge encountered resistance at $0.11, indicating that this level is a significant barrier for the Dogecoin price.
A break above the $0.11 level would likely attract more buyers and could lead to a sharp upward move, pushing the price of DOGE toward new highs. In this scenario, Dogecoin might begin an up move at $0.12 and then to $0.14.
At the time of writing, Dogecoin was down 2.91% in the last 24 hours to $0.105. If the decline is sustained and Dogecoin breaks below the daily SMA 50 at $0.102, the price could retest the $0.09 support.

Dogecoin (DOGE) on Verge of Epic Breakout per This Analyst Prediction

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