The Dogecoin (DOGE) price has increased swiftly since Oct. 18, breaking out from long- and short-term descending resistance trend lines.

Despite the breakout, the price has yet to accelerate its rate of increase. Will it do so now?

Dogecoin Increases After Breakout From Long-Term Resistance

Dogecoin’s weekly timeframe technical analysis reveals that the price had fallen under a long-term descending resistance trend line since the all-time high of May 2021. The descent culminated with a low of $0.049 in June 2022.

Afterward, the DOGE price bounced but failed to break out from the resistance. The failed attempts created lower highs and long upper wicks (red icons), considered signs of selling pressure.

Read more: (DOGE) Dogecoin Price Prediction

Despite the failed breakout attempts, the DOGE price regained its footing again. It finally broke out from the trend line in November. At the time of the breakout, the trend line had been in place for more than 900 days.

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Author: Valdrin Tahiri

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