Analyzing Dogecoin’s Breakout Above 900-Day Resistance: Key Price Levels to Observe

Crypto News– In the latter half of October, the beloved meme-inspired cryptocurrency ‘DOGE’ has made a remarkable recovery. Starting from a local support level of $0.0573, the coin’s price surged by an impressive 31%, reaching a two-month high of $0.0751. Currently, Dogecoin is trading at $0.06945, boasting a market capitalization of $9.82 billion, securing its position as the ninth-largest cryptocurrency by market cap. Notably, the recent weekly candlestick pattern indicates that Dogecoin has broken free from its multi-year descending trendline, signifying a positive turn of events.

Analyzing Dogecoin’s Breakout Above 900-Day Resistance: Key Price Levels to Observe

Prominent crypto analyst Ali Martinez has also expressed optimism, highlighting positive signals on the weekly $DOGE chart as it breaks out from a multi-year descending triangle. Furthermore, the bullish outlook for DOGE gains further support from the TD Sequential indicator, which has confirmed a buy signal within this timeframe.

Large-Scale DOGE Transaction by Whales

While the ongoing recovery seems promising, the coin did face a minor setback when it encountered resistance at $0.075. However, should the asset maintain its position above the modest support level of $0.067, it opens up the possibility for buyers to extend the recovery by an additional 20%, with their sights set on reaching the pattern’s neckline at $0.085.

A potential breakthrough beyond this barrier would provide buyers with stronger confirmation to further extend the current recovery, possibly reaching the milestone of $0.1. Notably, Whale Alert, a reputable platform known for tracking large cryptocurrency transactions, has recently detected the reactivation of a previously dormant address holding 5,392,984 Dogecoin, currently valued at $372,461. This wallet had remained inactive for an astonishing 9.8 years, dating back to 2013, the year when Billy Markus and Jackson Palmer introduced DOGE to the market as a light-hearted side project.