Dogecoin Pressing Range Highs – Can Bulls Push DOGE To ATH?
December 09 2024 - 5:30AM
NEWSBTC
Dogecoin experienced a modest rally yesterday, breaking past its
local highs and reaching $0.484. The move excited the DOGE
community, as the meme coin seemed ready for further gains.
However, the price has since retraced slightly, failing to confirm
a breakout above this critical resistance. Top analyst and trader
Cheds shared his insights on X, revealing that Dogecoin is pressing
against its range highs. According to his technical analysis, a
confirmed breakout above these levels could set the stage for a
significant rally, potentially driving DOGE toward new all-time
highs. Related Reading: Large Ethereum Transactions Grow As ETH
Breaks Yearly Highs While the recent price action has sparked
optimism, the market remains cautious, with bulls needing to
sustain momentum for any meaningful upside. Cheds highlights the
importance of breaking above these critical resistance levels,
emphasizing that a successful move could pave the way for DOGE to
reclaim its bullish narrative. With Dogecoin at a crucial juncture,
the next few days will determine whether the price continues to
climb or settles into further consolidation. All eyes are now on
the $0.484 mark as traders await confirmation of a breakout or
signs of renewed selling pressure. Dogecoin Testing Key Levels
Dogecoin is currently testing key liquidity levels around $0.44 and
below the critical $0.50 mark, sparking intense interest among
traders. These levels have acted as both support and resistance,
making them crucial for determining DOGE’s next significant move.
Analysts believe a clear path to new highs will emerge if Dogecoin
can break above these thresholds. Top analyst and trader Cheds
shared a detailed technical analysis on X, highlighting Dogecoin’s
ongoing battle with its range highs since November 24. Despite
multiple attempts, DOGE has struggled to confirm a decisive
breakout, which would signal the beginning of a new rally.
According to Cheds, once the meme coin clears these key levels, a
massive surge is likely to follow, potentially propelling the price
to challenge its all-time highs for the first time since 2021. This
outlook aligns with Dogecoin’s recent price dynamics, which show
resilience despite broader market volatility. The upcoming days are
critical as traders await whether DOGE can solidify its breakout
and sustain upward momentum. Related Reading: XRP Price Forecast –
Analyst Sets $4 Target After Potential Retrace Breaking above $0.50
and holding that level for several days will catalyze Dogecoin’s
rally. If bulls succeed, the market could witness another parabolic
move, reviving the excitement that has historically driven DOGE to
unprecedented highs. Last Level Of Supply Before A Rally Dogecoin
is trading at $0.43 after weeks of sideways consolidation and
repeated failed breakouts, leaving investors increasingly
frustrated with its stagnant price action. Despite attempts to gain
upward momentum, DOGE has struggled to surpass key resistance
levels, and the lack of a decisive breakout is testing the patience
of market participants. Currently, all eyes are on the $0.44 level,
a critical threshold for Dogecoin’s price trajectory. If DOGE
manages to hold above this level in the coming days, a breakout
could finally materialize, potentially leading to a surge toward
higher resistance zones and reigniting investor enthusiasm.
However, the downside risk remains significant. Should Dogecoin
fail to maintain its current levels, it could face a deeper
retracement, testing lower demand zones as investors reassess their
positions. This would likely dampen sentiment further, leaving the
meme coin vulnerable to continued consolidation or even bearish
pressure. Related Reading: Cardano Whales Keep Buying – Price Holds
Above Crucial Mark The next few days will be crucial for DOGE as
the market awaits a clear directional move. Whether it secures a
breakout or retreats to lower levels, Dogecoin’s performance in
this range could set the tone for its price action heading into the
end of the year. Featured image from Dall-E, chart from TradingView
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