Dogecoin breaks key resistance – is a double digit meeting afterwards?

Dogecoin breaks key resistance – is a double digit meeting afterwards?

Tl; Dr.

  • Dogecoin bounces of $ 0.22 support and holds $ 0.23 while buyers push to the next resistance zones.
  • Bullish Watch outbreak on the 2-hour graph suggests a goal in the short term of around $ 0.275.
  • Rex-Esprey Doge ETF launch adds fuel to Doge Rally, and attracts retail and institutional importance.

Doge pushes higher after holding key level

Dogecoin has received attention after he has kept above $ 0.23. The active was recently bounced from the zone of $ 0.21 to $ 0.22, an area that offered support earlier this month. Since then, the market has shown signs in force, with buyers intervening and helping the price to push higher.

From the moment of the press, Dogecoin acted around $ 0.24. The 24-hour trade volume is more than $ 3.39 billion. The price is slightly lower compared to the previous day, but it will stay with more than 11% in the past week. The level of $ 0.23, which was once resistance, now seems to retain as support.

Source: Bitguru/X

Interesting is that technical institutions A bullish outlook shows over the lower time frames. On the 4 -hour graph, Dogecoin acts just below the level of $ 0.24. This zone had previously seen rejection, but the current consolidation suggests that the market is preparing for its next step. If the momentum continues, a push to $ 0.25 could follow.

A 2-hour graph shared by trader Tardigrade shows an outbreak of a bullish pattern. This pattern was formed after a sharp rally from $ 0.21 to $ 0.24. The breakout has set a price target in the short term of $ 0.275.

“Dogecoin breaks from an LTF Bullish Wennel, aimed at $ 0.275,” said trader Tardigrade.

If the price applies more than $ 0.24, this goal can remain in the game in the short term.

Doge ETF launch attracts the attention of investors

The recent announcement of the Rex-Esprey Doge ETF has added the interest in Dogecoin. The ETF, set up to launch on 11 September, will use the Ticker “Doje” and will be the first in the US to keep an active one without declared utility.

Bloomberg ETF analyst Eric Balchunas confirmed that the ETF will launch without leverage. It enters the market at a time when more than 30 other crypto ETF applications are assessed by American supervisors.

Single facts Has demonstrated a strong increase in social entries around Dogecoin after the ETF news. The launch has fed discussions between retail and institutional participants, especially those who view the Memecoin space.

Dogecoin (Doge) Social Dominance
Source: Santiment/X

Traders eye resistance levels at $ 0.25 and $ 0.29

The following focus area for the market is $ 0.25. A movement above this level can open the door for further profit. Graphic guards also look at $ 0.29 as a resistance point with a longer distance.

Crypto analyst Ali Martinez noted”

“Dogecoin next move: break $ 0.29 and we could look at a run to $ 0.50.”

Although that level is not an immediate range, the short -term structure Bullish remains as long as the price remains above $ 0.23.

Doge will have to maintain its current reach to continue buying in the coming days. The upcoming sessions will show whether the momentum will continue or whether the prize will return to earlier support levels.

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