Dogecoin on the Verge of Breakout: Analyst Predicts Key Levels to Watch for Major Bullish Run

Crypto analyst DaanCrypto forecasts a potential Dogecoin breakout as the meme coin nears crucial support and resistance levels. If Dogecoin holds support at $0.105 and clears $0.12 resistance, it could spark a strong uptrend, potentially signaling a bullish quarter for the coin.

Dogecoin [DOGE], one of the most beloved altcoins in the crypto market, has faced a challenging downtrend throughout 2024. Despite this, optimism around the meme coin remains high. Analysts continue to point out that Dogecoin is forming multiple bullish patterns, suggesting that the price could soon climb higher. Crypto analyst DaanCrypto recently shared his thoughts on the potential for a major price movement in the near future.

Levels to Watch for Dogecoin

For the majority of 2024, Dogecoin has struggled to maintain key support levels, with its price consistently breaking below crucial trend lines. The coin even fell below the $0.1 support level in September due to mounting bearish pressure. However, as 2024 approaches its final quarter, sentiment around Dogecoin seems to be shifting, with a potential recovery on the horizon.

According to DaanCrypto, Dogecoin’s price has finally broken out of the year-long downtrend line, a bullish signal for the coin’s future. While the breakout is promising, there are important levels that Dogecoin must hold and surpass to confirm an uptrend. On the downside, holding support at $0.105 will be critical. On the upside, Dogecoin will need to clear the $0.12 resistance level to fully confirm the start of a new bullish phase.

“If the support at $0.105 holds and Dogecoin breaks through $0.12, we could see the party really get started,” said DaanCrypto. However, if the support fails to hold, the coin could face another downtrend, potentially revisiting the $0.09 level.

A Bullish Quarter Ahead?

While Dogecoin faced a bearish Q2 and Q3, analysts believe the final quarter of the year could be one of the most bullish yet for the meme coin. Historically, October has been a strong month for Dogecoin, with average returns of 8.59%, according to data from CryptoRank. If this trend continues, Dogecoin could climb above the $0.12 mark, potentially carrying this momentum through the end of the year.

If Dogecoin manages to maintain its support and surpass resistance, investors may see a significant price boost, reinforcing bullish expectations for the meme coin. As the crypto market looks set to enter a potential bull run, all eyes will be on whether Dogecoin can capitalize on its newfound momentum.

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