Dogecoin (DOGE) Turns Bullish: Moves Above MA200 On Rising Volume | #Altcoins

Hello my fellow Cryptocurrency trader, how are you feeling today? Here we have Dogecoin (DOGEUSDT) on the daily timeframe, and we have some interesting developments for the bulls.

Dogecoin (CRYPTO: DOGE) has shown strong bullish tendencies and has broken through its 200-day moving average (MA200), which has been a major resistance level, preventing DOGE from advancing further since July.

In an X post on Saturday, Alan Sanatana highlighted that this breakout, coupled with rising trading volume, has once again buoyed traders' sentiments that Dogecoin is likely to pick up its growth trajectory for the long term.

Dogecoin's 24hr Trading Volume Surges After Breaking Out MA200: What's Next For DOGE? TV: TradingView - Chart by Alan Santana

The recent breakout above the MA200 is still considered the key level for further Dogecoin growth. In July, the cryptocurrency was unable to break past this level, but the rising volume adds strength to the current uptrend.

The daily trading volume has been on an uptrend, which indicates that the current price rally has more support than before. At the time of writing, DOGE is priced at $0.14417, which is 9.55% up from the previous day.

Dogecoin's Higher Highs

Apart from the breakout, the formation of higher highs over the last one year is also contributing to the bullish view. Dogecoin had a low in August 2023 and another strong higher low in August 2024.

The upward movement along with the breakout of the resistance level suggests that Dogecoin might still be on the way up to hit even higher levels in the next couple of months.

If Dogecoin MA200 fails to hold like it did in July, it would indicate that the breakout is false. However, what's different this time is that the trading volume is stronger, and the price has consolidated for four months, making the current uptrend more valid.

Weekly Chart Signals Growth

On a weekly chart, Dogecoin is also presenting potential for buying opportunities beyond the 24-hour view. Its Bitcoin pairing (DOGEBTC) is also on the rise, making it even more likely for the token to climb even higher.

Traders are optimistic but remaining cautious, watching for any signs that the present trend is nearing a top or bottom.

Chart by Alan Santana

As DOGE continues to trade higher and forms a higher low structure, the increasing volume, and the breakout of key resistances suggest that the mid-term trend remains bullish. However, volatility remains the key characteristic of the market, and traders will have to watch for the support levels to ensure that this trend is here to stay.

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