Analysts are showing optimism about Dogecoin’s potential for a rally, noting key resistance levels to monitor. A recent phase of accumulation by miners is helping to ease sell-side pressure, reinforcing a positive outlook for DOGE.
At the moment, Dogecoin is experiencing bullish momentum. It remains the leading memecoin with a market cap share of 1.21%, just ahead of SHIB. DOGE is trading at $0.11006, reflecting a 2.34% price increase. In the last 24 hours, trading volume has surged by 16.29%, reaching $701 million, contributing to a market cap of $16 billion—a 2.41% rise. However, despite the positive trend, DOGE is still around 85% below its all-time high of $0.7376.
Analyst TradingShot’s bullish forecast notes that Dogecoin has completed an accumulation phase, which is often a precursor to a price rally. Miners have been accumulating approximately $25 million worth of DOGE over the past two months, supporting this phase. Additionally, Elon Musk has named DOGE the mascot for his new Department of Government Efficiency.
Are Bullish Signals on the Horizon? Many analysts anticipate a possible bullish breakout for Dogecoin. Crypto analyst Ali points out that the moving average is currently at $0.10662 and trending upward, signaling a potential upward movement. The Relative Strength Index (RSI) is at 58.78, approaching overbought conditions, while the stochastic RSI has shown a bearish crossover, hinting at a potential short-term pullback before another upward surge.
Resistance levels will play a key role in DOGE’s next movements. The first major resistance is at $0.14086, last reached on July 21, followed by another key level at $0.13449. If DOGE can break through the $0.11268 resistance, further bullish movement could follow. Additionally, the coin’s block size recently hit a 7-day low at 40,203,611 bytes, indicating decreased network activity.
In conclusion, while some indicators suggest a short-term correction might occur, the overall outlook remains bullish. If Dogecoin can overcome key resistance levels, it could be set for a significant rally in the near future.
