Dogecoin (DOGE) Breaks Above Key Resistance, Targeting $0.136, $0.174 - The title should be more specific. Perhaps: Dogecoin (DOGE) Breaks Above Key Resistance, Targeting $0.136, $00.174 - This will help people find the content.

Dogecoin has recently broken above a key resistance level, breaking out of a bullish consolidation pattern. This action has created significant excitement

Dogecoin price broke above a key resistance level, breaking out of a bullish consolidation pattern. This action has created significant excitement among cryptocurrency traders, who were all watching the narrowing range for indications of a breakout very closely. The surge indicates a possible trend reversal for the meme cryptocurrency.

The breakout follows the formation of a classic “cup and handle” pattern, identified by analyst Whales_Crypto_Trading in a technical analysis post on X, formerly Twitter. A bullish continuation pattern, it often suggests more upward momentum if it’s backed by adequate volume. Dogecoin’s technical backdrop now indicates a definitive shift in market sentiment, with the bulls growing more optimistic.

Price Targets For DOGE: $0.136, $0.174 Short-Term

Currently, the cryptocurrency is testing a critical resistance level on the daily chart. If DOGE manages to sustain this breakout, it could trigger strong buying momentum as it pushes through this barrier. Technical analysis suggests that price targets of $0.136 and $0.174 could be in the offing in the short term, pending sustained interest and volume from the broader crypto market.

This particular resistance level has previously capped Dogecoin’s bull runs, making it a critical battleground between the bulls and the bears. A breakout confirmation would not only authenticate the cup and handle pattern but could also set the stage for more aggressive targets. Sellers and buyers will be keenly watching price action in the immediate vicinity of this breakout.

As long as the bullish signs continue, we may see DOGE aiming for higher price levels of $0.50, $0.73, and ultimately $1.00. These previous resistance levels are significant benchmarks. A breakout towards these levels would be a decisive reversal from the last period of stagnation and place Dogecoin in the altcoin recovery trend.

What’s Next For The DOGE Price

In the past 48 hours, Dogecoin has seen increased volatility as its price ranges from lows of $0.157 to a recent high of $0.185. The surge follows renewed bullish interest across the crypto market, but DOGE has since pulled back slightly to $0.172, introducing uncertainty about its short-term direction.

The market will now be watching to see if Dogecoin can remain above its 50-day Simple Moving Average (SMA), which is currently at $0.168. If the bulls can keep the price above this level and exert pressure, we could see the price retest the high of $0.185. Remaining above this SMA could shift sentiment further in favor of the buyers over the short term.

Conversely, if DOGE fails to hold support at this SMA, we could see the price pulling back lower towards the support at $0.13. Although the Relative Strength Index (RSI) is still a little above 50, indicating slightly bullish strength, it suggests that we could see some consolidation in the price over the short term. A sideways range between $0.13 and $0.21 seems more likely unless a breakout above $0.21 sends DOGE to $0.28.