Does Dogecoin Have a Breakthrough When Buyers Target the Level of $0.65 and Above?

Dogecoin has drawn attention as traders follow its breakout potential towards higher price levels at the time of press. After several months of consolidation, DOGE has traded above key moving averages and broken through the main resistance trendline. Liquidation data shows that leverage is decreasing, setting the stage for increased volatility. With historical patterns indicating strong price rallies following similar setups, many are following to see if DOGE can soon rise to the $0.65 level and beyond. Technical Indicators Indicate an Uptrend The price of Dogecoin shows strong bullish patterns across different time frames as it trades above the 5-day, 10-day, and 20-day moving averages. This structure signals strong short-term buying momentum. Analysts suggest that it could support price increases in the future if maintained in the coming weeks. The resistance level near $0.185 remains important, while the support level at $0.175 holds firm, allowing the bulls to maintain control. According to GEMXBT, the Relative Strength Index (RSI) is in the overbought zone and the Moving Average Convergence Divergence (MACD) is still bullish. This indicates that strong momentum is taking place.

Analysts warn that high RSI levels may cause a short-term pullback. However, if the price is above the moving average, there could be a subsequent bullish move for DOGE. There may be short-term fluctuations, but people are paying more attention to other important levels that indicate the next direction of trading. Dogecoin Breakout Model and Momentum Accumulation According to an analysis shared by Trader Tardigrade, Dogecoin has recently broken through the medium-term resistance trend line that has existed for several months. This is similar to the breakout pattern we observed in February of this year, when DOGE surged after accumulating a large amount of momentum. Tardigrade explained, "There are no signs of a false breakout, and the technical setup looks explosive." He added that the breakdown of the descending wedge pattern and the double bottom accumulation pattern have both been confirmed. Traders closely follow these patterns as they often signal large price increases in cryptocurrency.

Historical price behavior shows that when Dogecoin gains such upward momentum, significant moves can occur in a short period. The target price above $0.28, and even close to the all-time high, has been discussed. As of writing, many speculate whether the breakthrough could push this coin past $0.65 and towards the $1.00 mark. Short-term Selling Pressure Observed Market trends indicate positive growth while some traders are looking for short-selling opportunities at the time of writing. Andrew Griffiths has presented a new short-selling trade analysis on DOGE/USD targeting exhaustion point signals near daily highs. Griffiths has established a short position at $0.17342 while setting a price target of $0.16700 along with a strict stop-loss order. DOGE has activated its previous supply zone, leading to liquidations above the most recent resistance level. "The price has created a strong reversal after manipulative buy liquidity transactions." These opportunities arise when the rapid buying activity in the market ends so that short sellers can capture small price movements in a downward direction.

However, short-term setups do not change the overall bullish outlook unless key support levels are broken. Despite the negative outlook on DOGE, Griffiths has confirmed that this digital coin continues to maintain its strength as long as essential support levels are upheld. The current DOGE market operates under a model where short-term trades are executed alongside longer-term trends. Liquidation Data Supports Price Increase Recent liquidation data has added to the growing case for a potential large move in Dogecoin. Analysts have observed that leverage in the DOGE market has significantly decreased after a prolonged period of strong liquidations. This shows that traders who excessively used leverage have largely been wiped out, creating conditions for prices to be less volatile and more natural. According to data from CoinGlass, the latest increase in both long and short liquidations could signal the return of volatility. CoinGlass indicates that large liquidation phases often reset market conditions, and early increases in liquidations often precede significant price movements in assets like Dogecoin.

The liquidation trend history from CoinGlass also indicates that after a period of quiet trading and low leverage, the price of Dogecoin tends to rise sharply and quickly. Many traders are closely following these signals, as they align with broader technical setups suggesting that strong moves may occur in the future.