Dogecoin Price Poised for a Breakout, Predicts Analyst

Crypto News– The renowned cryptocurrency analyst and trader Ali shared in an X post today that he believes Dogecoin’s (DOGE) price could soon see an upward movement. According to the analyst, DOGE is currently in a tight range, sandwiched between two critical supply zones. DOGE’s supply zone spans from $0.072 to $0.073, with approximately 200,000 addresses holding 28.6 billion tokens. Meanwhile, the resistance zone falls between $0.074 and $0.076, where 124,000 addresses hold 26.95 billion DOGE tokens.

However, the analyst pointed out that the “support outweighs resistance in strength,” which could indicate a potential breakout for the DOGE price. Ali believes that if the meme coin can overcome the $0.076 level, DOGE could aim for $0.084 next.

Dogecoin Price Poised for a Breakout, Predicts Analyst

From a technical standpoint, the daily Relative Strength Index (RSI) line on DOGE’s chart crossed below the RSI Simple Moving Average (SMA) line in the past 24 hours. This is a significant technical signal that suggests buyers have lost some of their strength.

If this technical signal is confirmed, DOGE’s price may drop below the $0.07195 support level in the next few days. This could then put the meme coin at risk of falling to the next key support at $0.06775 in the following week. On the other hand, if DOGE closes a daily candle above $0.07195, it could lead to the altcoin climbing to $0.07755.