The DOGE price has cleared a significant long-term resistance area, but an upward movement is yet to begin, as typically seen after such breakouts.
Nevertheless, both weekly and daily time frame readings support a potential increase, validating the long-term breakout.
Dogecoin Price Breaks Out From Long-Term Resistance
In the weekly time frame technical analysis for DOGE, it is noted that the cryptocurrency has been following a downward resistance trendline since reaching its all-time high of $0.739 in May 2021. This decline led to a low point of $0.049 (green icon) in June 2022.
Subsequently, DOGE went through a recovery phase and started trading above the $0.060 horizontal support level. Despite several unsuccessful attempts over six months, the price of DOGE finally broke above the resistance line on July 15. The line had been established for a remarkable 805 days.
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Breakouts from such long-term structures often lead to significant price increases, as they indicate the end of the previous trend. It is possible that the increase was caused by Elon Musk’s rebranding of Twitter.
However, it’s worth noting that the price increase has not yet begun as expected.
Author: Valdrin Tahiri
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