Dogecoin (DOGE) Surges: Is a $12 Rally on the Horizon?
Dogecoin (DOGE) Breaks Out of Downtrend: Could $12 Be Next?
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Dogecoin (DOGE) has been making waves in the crypto market, rallying above a key price level after a minor dip on Sunday. This move signals a potential shift in momentum, marking a break from a monthly downtrend that has kept its price suppressed since late March.
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Analysts and investors are growing increasingly bullish about DOGE’s latest price action, with some predicting that a break above the $0.12 mark could ignite a larger rally in the meme coin space. The next few days will be crucial in determining whether DOGE can lead this rally or if it needs further consolidation before pushing higher.
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Dogecoin Holding Strong Above $0.10
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Dogecoin has been trading within a range between $0.092 and $0.115 since early August, forming a consolidation pattern that many analysts believe indicates accumulation by smart money. This suggests that significant players may be preparing for a potential breakout.
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Some analysts are particularly optimistic, highlighting that DOGE is breaking out of a monthly downtrend channel that began in late March when Dogecoin was trading at $0.22. One top analyst and investor, Daan, shared a technical analysis on X, showing DOGE breaking through this downtrend line, presenting a new opportunity for meme coin investors.
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Daan emphasizes that if DOGE holds above the critical $0.105 support and can break above the $0.12 level with conviction, the meme coin could aggressively surge to higher prices. According to Daan, once Dogecoin confirms an uptrend, its price skyrockets rapidly, leaving no room for hesitation. Historically, when DOGE enters such phases, it experiences sharp upward movements accompanied by high volatility.
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DOGE Price Analysis
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Dogecoin (DOGE) is currently trading at $0.101 after experiencing a 7% dip since Friday. Prior to this decline, DOGE surged over 22% from local lows on September 6, marking a strong recovery in a short period.
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Last Friday, the price broke above the 4-hour 200 exponential moving average (EMA) at around $0.103, often seen as a signal of short-term strength. However, despite this move, DOGE has struggled to maintain its position above the 4H 200 EMA, and recent price action has hovered just below this key level.
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For DOGE to regain bullish momentum, it is essential for the price to reclaim the 4H 200 EMA and hold above it. This would provide short-term support and potentially pave the way for targeting higher prices. On the other hand, if DOGE fails to close above this EMA, a deeper correction is likely, with the next major support level expected around $0.097.
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As the market remains uncertain, the coming days will be critical for DOGE’s price direction. Investors are closely watching whether it can break back above key technical levels or face further downside pressure.
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**Disclaimer:** This content is for informational purposes only and should not be considered investment advice. Always do your own research (DYOR) before making any investment decisions.