Crypto Analyst Predicts Bullish Surge for Dogecoin (DOGE) After Recent Breakout

Crypto Analyst Predicts Bullish Surge for Dogecoin (DOGE) After Recent Breakout

Crypto News – The Dogecoin (DOGE) phenomenon appears to be gaining momentum, as suggested by a recent post from cryptocurrency analyst and trader Captain Faibik. In his analysis, Faibik highlighted DOGE’s recent breakout from a descending triangle pattern on its weekly chart, hinting at the possibility of a significant price surge for this meme-inspired cryptocurrency.

Faibik’s prediction seems to be materializing, with DOGE experiencing a notable price increase of more than 5% within the last 24 hours. This surge has propelled DOGE to become one of the top performers among the top 10 cryptocurrencies in terms of market capitalization. As of the latest data, DOGE is trading at approximately $0.09011, marking a new 24-hour high for the cryptocurrency.

CoinMarketCap data further reveals a substantial increase in DOGE’s 24-hour trading volume, surging by more than 41% since the previous day and reaching $724.83 million. Additionally, DOGE has exhibited impressive weekly performance, with its price climbing by 11.86%.

One potential driver behind DOGE’s price surge could be the prominent mention of “Dogecoin” in the checkout page code for Tesla’s Cybertruck. While rumors about this association emerged in October, it was officially confirmed in late November when the sale of the futuristic vehicle commenced.

Notably, DOGE has successfully broken through a crucial resistance level at $0.08785 over the past 24 hours. If it manages to close today’s daily candle above this level, it could pave the way for further gains, potentially reaching the next significant barrier at $0.09900 in the coming days.

On the flip side, a daily candle closure below $0.08785 today may expose DOGE to the risk of a corrective decline towards the support level at $0.08035. However, it’s worth noting that DOGE would still be trading within an ascending price channel that has formed over the past two weeks, suggesting that any correction might be followed by a bullish move.