Disclaimer: The opinions expressed by our writers are their own and do not represent the views of U.Today. The financial and market information provided on U.Today is intended for informational purposes only. U.Today is not liable for any financial losses incurred while trading cryptocurrencies. Conduct your own research by contacting financial experts before making any investment decisions. We believe that all content is accurate as of the date of publication, but certain offers mentioned may no longer be available.
Major meme coin and probably the most popular one, Dogecoin (DOGE) found itself in a technical structure that may be the beginning of new bull momentum, but there’s one key level standing in the way of any real move: the 50-day simple moving average.
Currently hovering around $0.168, and until this resistance gives way, the potential for a larger breakout is simply sitting in limbo.
Tomiwabold OlajideRecently, DOGE managed to push above the 23-day SMA, which suggests that short-term bullish momentum may have been restarted as it’s not a massive rally, but it’s enough of a shift to indicate that buyers may be regaining control after weeks of consolidation in descending trend.
The next real hurdle is that 50-day moving average — a line that could trigger a real breakout if it’s breached, and with it comes the possibility of a move toward the 200-day SMA, which stands around $0.247 — that’s roughly a 50% upside from current levels, and it’s not as far-fetched as it sounds when you look at the technical setup.
Adding another layer of conviction to the setup is the potential formation of a golden cross between the 23-day and 50-day curves, which, if it completes, would be a classic technical signal that reinforces the idea that Dogecoin is gearing up for a move to the upside.
But this is not the type of setup that guarantees anything immediately, more about the slow build of structural signals, each one layering on top of the other.
For now, the next few sessions are crucial for the meme coin. A sustained break above the 50-day SMA would turn this quiet consolidation phase into a much more aggressive bullish phase, but without that, it all may become nothing more than a failed breakout.
Vladislav Sopov
Dan Burgin