Dogecoin (DOGE) bulls appear to have stepped up their game as the daily price chart of the world's largest coin is moving positively, fueling speculation of an imminent rally. Kevin Capital, expert and enthusiast of the cryptocurrency market, proposed knowledge on DOGE price action, confirming an effective breakout for the crypto asset as it moves above the $0.153 resistance level.
Dogecoin breaks $0.153 resistance
It is worth noting that crypto analyst Kevin previously predicted that for Dogecoin to rise, it needs to surpass the $0.153 level and the 200 simple moving average (SMA) within 4 hours. “As for Dogecoin, all DOGE needs to do to have a better chance of playing the potential inverse head and shoulders is a breakout above the 200 4-hour SMA and the $0.153 level,” a he declared.
Related reading
At the time, Kevin noted that DOGE had repeatedly attempted to reach this moving average and been denied. So, if the crypto asset breaks out of this moving average and holds it, it expects a rise up to the $0.22 price level.
![Dogecoin](https://www.newsbtc.com/wp-content/uploads/2024/05/Kevin-Capital-Dogecoin-Chart.jpg?w=460&resize=460%2C279)
According to the analyst, the development was successfully manifested today, as the digital asset rose above the $0.153 level and the 200 moving average. Considering Kevin's prognosis, Dogecoin will have to hold this area to see further away. resurgence.
If DOGE manages to hold through any prospective backtest and thereafter, Kevin has placed his inverse head and shoulders target at $0.18 and $0.22, if within his reach.
The message read:
Update on Dogecoin chart. We have officially surpassed the $0.153 level and the 200 SMA on the 4HR. We need to hold this area through any potential backtest, then 0.18 cents and the inverse head and shoulders target of 0.22 cents if it is within reach.
This achievement coincides with an increase in piece of money favorable market sentiment, which indicates increased investor confidence and interest in these digital assets. With breakouts and decouplings happening everywhere over the past few days, meme coins have had an eye-catching start to the week.
Multiple Support Levels for DOGE and Their Importance
Dogecoin’s recent price rally has triggered optimistic outlooks from several crypto experts. Another analyst who shared a positive prediction for the meme coin is Crypto Daily Trade Signals.
Daily Crypto Trading Signals Have search in the current support levels for DOGE and the potential price trajectory after a breakout. According to the channel, the 50-day EMA at $0.1652 currently serves as a resistance level. If DOGE breaks this barrier, it could trigger the start of a bull run for the coin.
Related reading
Additionally, the channel noted that the 100-day EMA around $0.1434 currently offers support, indicating that DOGE has an additional fall cushion. Meanwhile, the 200-day EMA acts as a strong long-term support level at $0.1237.
At the time of writing, Dogecoin showed bullish momentum of over 6% over the past week, trading at $0.1549. Its trading volume and market capitalization have both increased by over 11% and 3%, respectively, over the past day.
Featured image from iStock, chart from Tradingview.com