The altcoins are soaring remarkably, with a slight rise in the Bitcoin price. While Cardano & Avalanche’s prices have made a notable jump in value, the Dogecoin price has also withstood the bearish pressure. The token held crucial support, displaying the strength of the bulls, which signals a higher probability of the beginning of a fresh upswing. However, the bears continue to captivate the area around $0.1, which may hinder the progress of the rally for a while.
A sequential sell flag has been marked on the DOGE weekly chart as the token was facing key resistance levels. A correction was expected then that could drag back the price to $0.085 to $0.078 as it happened in the past. However, the price held the crucial resistance zone between $0.0943 and $0.0956, signalling a fair rise to the next target at $0.1048.
The DOGE price has kicked off a fine upswing since the beginning of November and has maintained an elevated trend since then. The RSI is also hovering close to the upper resistance, which has never been observed since it marked the highs back in 2021. This indicates the mounting strength among the bulls, who seem to be waiting for the right time to utilise it.
As the yearly close is on the horizon, market sentiments have risen above the bearish captivity. With this, the volatility within the space is also expected to rise, which may in turn uplift the trend beyond $0.1 before the end of the year. However, the bulls are required to exhibit some strength at this time; otherwise, the Dogecoin (DOGE) price may remain consolidated within the range. Besides, a bullish breakout, which appears to be more likely, could trigger a significant ascending trend towards new highs.
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- Source: https://coinpedia.org/price-analysis/dogecoin-holds-key-levels-a-rise-beyond-these-levels-could-trigger-doge-price-rally/
