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Dogecoin breaks MA200, signals uptrend on increasing volume

Dogecoin breaks MA200, signals uptrend on increasing volume

  • Dogecoin’s breakout above the MA200, supported by rising volume, signals strong bullish momentum.
  • Higher lows over the past year, combined with increased trading volume, suggest a continued upward move for DOGE.
  • Despite optimistic signs, traders remain cautious as market volatility could continue to impact Dogecoin’s long-term growth trajectory.

Dogecoin (DOGE) has shown strong bullish trends and broke its 200-day moving average (MA200), which has acted as a key resistance level and has prevented DOGE from advancing since July. In a post on

The recent breakout above the MA200 is still considered a key level for further Dogecoin growth. The cryptocurrency failed to break through this level in July, but increasing volume is adding even more strength to the current uptrend. This is because the daily trading volume is trending upwards, meaning the current price rally is finding more support than before. At the time of writing, the price of DOGE is $0.14417, up 9.55% from the previous day.

source: TradingView

Dogecoin higher highs

In addition to the breakout, the development of higher highs over the last year also played a large role in the bullish view. Dogecoin had a low in August 2023 and another strong higher low in August 2024. The bullish move along with the breakout of the resistance level suggests that Dogecoin may still be on its way up to reach even higher levels in the next few months.

If the Dogecoin MA200 holds up like it did in July, it would mean that the breakout is fake. However, what is different this time is that trading volume is much stronger and the price has been consolidating for four months, making the current uptrend more founded.

Weekly chart signals growth

On the weekly chart, Dogecoin also offers potential for buying opportunities beyond the 24-hour perspective. Its Bitcoin pair (DOGEBTC) is also on the rise, making it even more likely that the token will rise even further. Traders are optimistic but cautious, looking for signs that the current trend is nearing a peak or trough.

source: Diagram of Alan Santana

As DOGE continues to trade higher going forward and forms a higher low structure, increasing volume and breaking key resistance suggest that the medium-term trend remains bullish. However, volatility remains the key feature of the market and traders need to pay attention to support levels to ensure this trend continues.