Dogecoin Tests $0.15: Breakout Rally To $0.20 In Play?

Dogecoin price rebounds above $0.15 with rising volume, as traders watch for a potential breakout toward $0.20.

Dogecoin has recently bounced above the $0.15 mark. At press time, it showed a 5% gain in the past 24 hours. After a recent sharp drop, the price increase signals a possible recovery. 

The key question now is whether this marks the beginning of a bullish reversal or just a temporary bounce. As Dogecoin remains above $0.15, traders and investors are watching to see if the price will maintain upward momentum.

Increased Trading Volume Signals a Return of Market Activity

Dogecoin’s recent price rise is supported by a noticeable increase in trading volume. 

Over the last two days, the price has surged more than 10%, signaling growing interest in the coin.

This increase in volume suggests that more buyers are entering the market, which may signal the start of a larger uptrend. The rising volume also aligns with a broader recovery trend seen across other cryptocurrencies.

The renewed market activity is not limited to Dogecoin alone.

Several altcoins have also experienced price recoveries, suggesting a positive shift in investor sentiment. As Dogecoin shows similar signs of recovery, its price may continue to rise if this momentum persists.

Falling Wedge Pattern Suggests a Potential Breakout

Technical analysis of Dogecoin’s price chart shows a Falling Wedge pattern.

This pattern occurs when price action forms two converging trendlines, with resistance on the top and support on the bottom. Traders often see the Falling Wedge as a bullish signal, as a breakout is expected when the price breaks above the resistance trendline.

The pattern has caught the attention of technical traders who are watching for signs of a breakout. If Dogecoin manages to break through the upper trendline, it could signal the start of a strong price movement.

A breakout from the Falling Wedge may push Dogecoin to higher levels, further supporting the case for a bullish reversal.

Related Reading: Dogecoin Price Prediction: Can DOGE Hit $0.40 Before 2025 Ends?

Key Price Levels and Path to $0.20

Dogecoin faces resistance around the $0.16 and $0.18 levels, which will be critical for further upward movement.

A successful breakout above these levels could push Dogecoin toward the $0.20 mark. This level is a significant psychological barrier and could attract even more buying interest.

Currently, the Relative Strength Index (RSI) is at 61.49, indicating bullish momentum. However, Dogecoin will need to clear the $0.16 and $0.18 resistance levels to continue rising. If the price fails to break these levels, a pullback to the $0.13 support zone could occur, causing some hesitation in the market.

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