Dogecoin Hits $0.1...Will it Surpass $0.112 This Time?

▲ Dogecoin (DOGE)

Dogecoin (DOGE) has broken through the psychological threshold of $0.1, sending technical signals that anticipate a strong bull market entry.

According to a report by the virtual asset media NewsBTC on April 28 (local time), Dogecoin recently halted its downtrend and rose above the $0.1 mark, setting the stage for further gains. Analysts predict that if Dogecoin definitively breaks past the resistance level around $0.102, it could embark on an upward trajectory towards its next targets of $0.1085 and $0.112. The market is currently seeing clear indications of increasing Dogecoin trading volume and recovering investor sentiment.

Technical indicators also support the positive signals. The TD Sequential indicator, a price reversal indicator, recently generated a buy signal on the daily chart, indicating that selling pressure has been exhausted. The Relative Strength Index (RSI) remains neutral around 50, avoiding an overbought state, suggesting ample strength to support further price increases. Experts commented, "If the current trend holds, Dogecoin is highly likely to lead the altcoin market rally, moving beyond being just a meme coin."

Strong support levels are established around $0.094 and $0.09. This range previously saw strong buy-the-dip interest during earlier declines and is expected to act as a buffer in case of price drops. Analysts believe that Dogecoin's consolidation above $0.1 is crucial, and the stronger its support levels are solidified, the greater the potential for a future price breakout. On-chain data also indicates that whales are continuing to accumulate at current price levels.

Bitcoin (BTC) maintaining the $77,000 mark and supplying overall market liquidity is also positive for Dogecoin. As Bitcoin, the market leader in virtual assets, shows stability, investors' preference for riskier assets has increased. Dogecoin has a history of independent rallies during Bitcoin's consolidation periods, making market expectations for this upward trend higher than ever.

Dogecoin is currently facing a short-term barrier at $0.102, and breaking through it would likely usher in a phase of significant price discovery. Investors are carefully monitoring changes in trading volume and the successful establishment above key resistance levels, maintaining a cautious approach. Macroeconomic indicator announcements scheduled until early May and market liquidity flows are expected to be the final variables determining Dogecoin's long-term trend.

*Disclaimer: This article is for investment reference only, and we are not responsible for any investment losses based on it. The content should be interpreted for informational purposes only.*