Dogecoin (DOGE) is currently testing the critical resistance level at $0.38. While the cryptocurrency had a strong week, it is unlikely to close near its ATH zone. The weekly chart presents significant hurdles that must be overcome for further upside.
Presently, it finds some resistance at the upper green trendline, the most important barrier, given the price managed to successfully bounce off the lower green trendline two weeks ago.
Also, the weekly RSI is inching closer to catching up with its moving average, a very important confirmatory level of continued upside impetus. A successful breakout higher would then allow DOGE to march up toward the retest of its ATH at $0.74.
All in all, speculations regarding Donald Trump’s probable return to the White House are pilling up and giving meaning to the DOGE narratives. People viewed this political stir as a promising sign, fueling further rises until Dogecoin reached record-high levels.
Historical patterns suggest the explosive price potential of Dogecoin
Historical patterns are interesting, too. During the previous cycle, DOGE had a big pump 258 days after the Bitcoin halving. Hence, if history recurs, this very week could experience a similar jolt in that path. If good, DOGE garners $1.2 around the best and between levels of ultra optimism, up at $3.4.
However, this is subject to DOGE breaking through present resistances. Failure to break above the upper green trendline and RSI resistance may see consolidation or a short pullback.
Market sentiment is cautious-optimistic. DOGE has been resilient for weeks now, but such impediments can only be overcome with good volume and consistent buying pressure.
For now, traders continue to monitor the $0.38 level closely. A strong breakout could provoke a rally to $0.74, while rejection could bring DOGE back into range-bound territory.
The next few days will be significant. Political movements, historical cycles, and technical pointers now work together to set the stage for the next great move of DOGE. If it soars to $1.2 or gets rejected at current resistances, by far, the most exciting coin in this crypto market presently is DOGE.
