Dogecoin is trading inside a symmetrical triangle and is getting close to its apex and deciding its next direction. As of now, a bullish breakout seems to have higher chances than the bearish case; however, anything might change.
Once the resistance at $0.25 is cleared, DOGE will likely rally towards the next significant resistance areas found at $0.30 and $0.38. Such a move is likely to be quick and sharp, which is typical for the behavior of the meme coin.
Key Support level: $0.20
Key Resistance level: $0.25; $0.30; $0.38
Trading Volume: The recent trading action was followed by a high amount of trading volume (especially the last daily candle). This shows bulls are in control and the price is likely to move up sharply after a break of resistance.
RSI: The RSI is curving up, showing that interest in Dogecoin is picking up.
MACD: MACD went through a bullish cross on the 1st day of October, and has remained in the green territory since then. The price action of today reinforced this bias which expanded the MACD moving averages. A further price increase is the most likely scenario, as it seems now.
Bullish. Dogecoin appears ready for further gains, and it is preparing for its next major move higher. The indicators and price action support this bias. Moreover, the price is about to make a critical decision, reaching the apex of the triangle. Therefore a break is likely to occur anytime now.
In case of a confirmed bullish breakout (above $0.25), we can expect Dogecoin to move quickly to the next resistance levels found at $0.30 and $0.38. In the bearish scenario, the critical support level for Dogecoin lies at $0.20.
