Dogecoin Hits Resistance Level of 0.29 USD – Is a Major Breakthrough Coming Soon?

Dogecoin is showing similar patterns to what was seen in 2024, with bullish potential. Cryptocurrency analyst Zeinab has pointed out a rounded bottom and a converging triangle on Dogecoin's price chart. These patterns indicate that a breakout may be imminent. He stated that if DOGE surpasses the threshold of $0.29, the price could soar similarly to the previous surge from $0.18 to $0.49. The current market conditions and price movements support this optimistic outlook. If this trend continues, Dogecoin could reach $0.80 in Q4.

Zeinab's analysis emphasizes that the main resistance level of Dogecoin is at $0.29. Traders are closely monitoring these levels to determine the next move in the price action of Dogecoin. Short-Term Trading Setups Defined for Dogecoin However, the analyst from Cryptoinsightuk also sees a short-term trading opportunity for Dogecoin, estimating the risk/reward ratio (R/R) to be 6.5. The analyst points out that both the top and bottom have been cleared, indicating that a price reversal may occur. The RSI indicator is approaching the bullish zone after being oversold earlier, signaling further potential for price increase. Although holding a low-leverage swing position on Dogecoin, it can be seen that this setup is quite attractive for short-term traders.

Notably, the R/R ratio of 6.5 presents a good opportunity for those who want to participate in Dogecoin at this time. Trading volume and RSI are key factors that could drive the next bullish momentum. Recent Price Movement of Dogecoin and Market Sentiment Currently, Dogecoin is trading at $0.218, up 2.23% in the last 24 hours. The market capitalization of this cryptocurrency is $32.88 billion and the 24-hour trading volume is $3.36 billion. Analysts believe that if the current bullish trend continues, Dogecoin may continue to rise in the near future. Cryptocurrency analyst Andrew Griffiths has predicted that Dogecoin has the potential to break out based on the developing cup-and-handle pattern.

Furthermore, analysis shows that if DOGE breaks through the $0.30 mark, it could continue its bullish trend, potentially reaching the peak of the current channel. Griffiths points out a significant support zone between $0.19 and $0.20, with a price target near $0.38 being the main resistance level. $DOGE {spot}(DOGEUSDT)