Crypto analyst Mmatters has commented on the current Dogecoin price action, hinting that a breakout might be imminent. He further revealed what needs to happen this time around for the foremost meme coin to sustain any breakout and rally to new highs.
Dogecoin Price Needs To Break Through This Level
In an X post, Mmatters stated that it is necessary that the Dogecoin price manages to break through the last local high, even as market participants expect an upwards move soon. His accompanying chart showed that $0.4390 is the level that the meme coin needs to break above as it eyes a rally to new highs.
The crypto analyst had remarked that, like many other altcoins, the Dogecoin price is in a critical situation. His chart also indicated that DOGE is at a crossroads on this breakout as the meme coin risks dropping below $0.10 if it fails to breach the previous local high. Mmatters noted that this is the bearish alternative.
He remarked that such a Dogecoin price decline would be a tough outlook, but one that brings a great buy-the-dip opportunity. He added that the probability of the meme coin dropping to that level is about 55/45 bullish. This indicates that DOGE is more likely to rally to the upside in the short term.
Dogecoin reached $0.43 last year, in November, following a parabolic rally that began towards the end of September. The meme coin is again looking to make a run as the Bitcoin price targets new all-time highs (ATHs). Altcoins like DOGE are known to make their move whenever the flagship crypto begins a run. With BTC close to its current ATH of $111,900, the meme coin could again break the psychological $0.2 price level.
DOGE Daily Close Confirms RSI Breakout
In an X post, crypto analyst Trader Tardigrade revealed that the Dogecoin price’s daily candle closed above $0.175, confirming the Relative Strength Index (RSI) breakout. His accompanying chart showed that DOGE could rally to as high as $0.3 on this projected breakout. This will take the meme coin past its previous high of $0.26, which it reached when Bitcoin hit a new ATH in May.
Meanwhile, analyzing DOGE’s 4-hour chart, Trader Tardigrade stated that a Golden Cross was approaching. He noted that the Dogecoin price has been aligning with the same price action as the SMA from May 6th to 9th. The analyst added that a similar bullish candle breaking above both SMAs has appeared. Based on this, he declared that a massive surge could be imminent.
At the time of writing, the Dogecoin price is trading at around $0.19, up over 5% in the last 24 hours, according to data from CoinMarketCap.
Featured image from Getty Images, chart from Tradingview.com
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