Dogecoin has shown signs of a potential rally after breaking through the crucial $0.111 resistance level. This level was significant because it marked where 62,270 addresses held over 36 billion DOGE, previously acting as a major barrier to upward movement. With this breakthrough, Dogecoin has opened the door for further gains.
Turning Resistance Into Support
Now that Dogecoin has successfully flipped the $0.111 resistance into support, the stage is set for additional bullish momentum. If DOGE can maintain its position above this level, the bulls are expected to defend it strongly.
Source: CoinMarketCap
This shift from resistance to support could be the key factor driving the cryptocurrency higher. Without significant supply walls above $0.111, the path to Dogecoin reaching $0.150 is becoming more evident.
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As long as there is no significant selling pressure, bulls may have the opportunity to push the price toward the next psychological resistance level of $0.150. The lack of substantial obstacles above $0.111 provides a clear route for further growth.
Potential for a Bullish Breakout
A strong breakout above $0.111 could fuel increased buying interest and strengthen the ongoing upward trend. As Dogecoin continues to attract market attention, its ability to maintain this momentum will depend on how the market evolves and how much buying pressure persists.
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A rise in trading volume could further support the rally, helping DOGE establish a solid uptrend. However, Dogecoin’s ability to hold above $0.111 is crucial. A failure to maintain this support could lead to a reversal, with DOGE losing its recent gains.
The coming days will be essential in determining whether Dogecoin can sustain its positive momentum and continue its march toward $0.150. The market will closely watch how DOGE builds on its recent strength and holds key support levels.
