• Dogecoin breaks above the crucial $0.12 level, indicating a potential shift in market sentiment.
  • $DOGE’s move past the 200-day MA suggests bullish momentum could be building.
  • Traders are watching $0.12 as a key invalidation point for future price movement.

Dogecoin has recently witnessed some action on the charts where DOGE broke the crucial $0.12 horizontal level and the Daily 200 MA. This may be an indication of change of trend for the popular joke based coin that has been quite dormant in comparison to other memecoins in the market. The breakdown of the $0.12 level is an important support level, and most of the analysts observe a renaissance for the amounts above this level.

Crucial Technical Success Above $0.12

Having a breakout over $0.12 enables Dogecoin to negate prior bearish signals and potentially head towards the upside. Evidently, traders assume the 200-day moving average to be an efficient means for ascertaining the long-term movement of share price trends. 

$DOGE Making moves. Broke above the important $0.12 horizontal level and the Daily 200MA.

Pretty much clear skies above this point with a clear invalidation below $0.12.

For how well meme coins have been doing, arguably DOGE has been left behind. Time to catch up? pic.twitter.com/ICAHyTU7jN

— Daan Crypto Trades (@DaanCrypto) October 19, 2024

Since $DOGE is already trading above this line there is increasing feeling that the token could be about to embark on a bullish run. But the critical invalidation point stays at the $0.12, which traders are waiting to hold firmly.

Comparisons to Other Meme Coins

While it has experienced a slight increase in the past few days, opponents of DOGE believe that altcoin has not quite been able to replicate the success of other memecoins. The meme coin market has remained somewhat unpredictable with a number of coins becoming instantly popular and making the news for their high returns. 

Read CRYPTONEWSLAND on google news

On the other hand, the performance of Dogecoin has been significantly lower and the current technical breakout could be the start of it trying to chase the surge. Thus, if $DOGE can continue its current V formations, there could very well be space for a longer-term move upwards.

Despite its current price fluctuations seemed quite optimistic, the future of Dogecoin firmly depends on the market sentiment. At the moment, it is crucial to know if $DOGE can sustain above $0.12 and try to add to this breakout.

disclaimer read more

Crypto News Land, also abbreviated as "CNL", is an independent media entity - we are not affiliated with any company in the blockchain and cryptocurrency industry. We aim to provide fresh and relevant content that will help build up the crypto space since we believe in its potential to impact the world for the better. All of our news sources are credible and accurate as we know it, although we do not make any warranty as to the validity of their statements as well as their motive behind it. While we make sure to double-check the veracity of information from our sources, we do not make any assurances as to the timeliness and completeness of any information in our website as provided by our sources. Moreover, we disclaim any information on our website as investment or financial advice. We encourage all visitors to do your own research and consult with an expert in the relevant subject before making any investment or trading decision.