DOGE Price Shows Signs of Breakout, Surging 5% with Transaction Volumes Reaching a 3-Month Peak

Crypto News- In the recent rally of Dogecoin’s price, the past week has witnessed a gain of nearly 10%, and an impressive 37% surge over the last month. Notably, the Moving Average Convergence Divergence (MACD) indicates significant price volatility since the beginning of the month, hinting at ongoing substantial price movements. The upward trend demonstrated by the averages suggests the potential for continued appreciation in the coming days.

DOGE Price Shows Signs of Breakout, Surging 5% with Transaction Volumes Reaching a 3-Month Peak

For the bullish momentum to be sustained, a critical level to uphold is $0.0803. Successfully maintaining this level could propel positive momentum, setting the stage for a challenge of the upper resistance level at $0.08393. If this resistance is held, it opens the door for further upward movement, with a potential target of $0.0950 in the near future. Should the bullish trend persist, there is even a possibility for Dogecoin’s price to test the upper level of $0.1 in the upcoming week. Conversely, if bears dominate, leading to a loss of momentum, the price might retreat and test its support level at $0.07648.

Furthermore, an extended bearish market could result in a sustained loss of momentum, pushing the price down to test its lower support level of $0.07250 in the weeks ahead.

The recent surge in Dogecoin’s value and trading activity can be attributed in part to the growing enthusiasm within the Dogecoin community surrounding Astrobotic’s plan to launch a physical Dogecoin token to the moon in December. This upcoming event has generated significant interest among cryptocurrency enthusiasts, contributing to increased movements of Dogecoin across various wallets and exchanges.