Dogecoin Breaks Above Hourly 200 SMA: How High Can Its Price Go?

Dogecoin price showed early signs of breaking away from its consolidation spree after an hourly candle cut above the hourly 200-SMA (green) for only the second time in... but can this momentum continue? The burning question on every Dogecoin holder's mind is: how high can the price realistically go now?

The recent attempt of Dogecoin to recover lost ground has faced a significant hurdle as the price struggles to break above the crucial 4-hour Simple Moving Average (SMA). This resistance has presented a significant challenge, but the hourly break provides a glimmer of hope.

Dogecoin Surpasses the $0.153 Resistance, a level many analysts were watching closely. It is noteworthy that the crypto analyst Kevin previously predicted that for Dogecoin to move higher it needs to break above this key resistance point. Has this break signaled the start of a larger bullish trend?

While the hourly 200-SMA break is encouraging, prudent investors should also consider potential downside risks. Should the price dip below this support, the next target could be around $0.2677, reflecting heightened downside risks. Analyzing volume and further confirmations will be crucial in validating the upward trajectory.

Conversely, if Dogecoin manages to turn the broken SMA into solid support, the path to higher price targets becomes clearer. We'll continue to monitor technical indicators and market sentiment to provide ongoing analysis and updates on Dogecoin's price movements. Stay tuned for further updates and analysis on the future of Dogecoin!