Dogecoin is steadily rising towards the $0.4484 resistance as bulls remain in control

Dogecoin has been steadily rising and its price is approaching the critical level of $0.44848. This steady upward move signals that bulls are firmly in control, pushing DOGE closer to uncharted territory.

As the price keeps rising, market Attention is increasing, with many wondering whether this ongoing surge is the start of a major outbreak. Given the increasing buying pressure and optimism surrounding Dogecoin, this may be the case Bulls Maintain their momentum and push DOGE past this key resistance level?

Bullish Momentum Is Gaining: Can Dogecoin Sustain Its Bullish Trend?

On the 4-hour chart, DOGE is trading above the 100-day Simple Moving Average (SMA), a strong reading indicator of that bullish Momentum. This positioning highlights the token’s underlying strength and suggests positive market sentiment is driving its uptrend. The steady rise suggests increasing optimism as DOGE aims for a breakout above the critical resistance level at $0.44848.

An examination of the 4-hour composite trend oscillator shows that both the SMA and the overall trend of the indicator are trending towards the overbought zone, suggesting that buying pressure is increasing and the asset is gaining strength. A sustained increase would indicate severely overbought conditions, reflecting robust demand and the possibility of further price growth.

Additionally, the daily chart highlights Dogecoin’s strong upward movement, marked by the formation of a bullish candle as the price rises towards $0.44848, signaling this potential for additional winnings. Its position above the SMA reinforces the positive trend, demonstrates sustained strength and boosts market confidence, creating the conditions for continuation rally.

Finally, the daily chart’s Composite Trend Oscillator is currently in overbought territory, suggesting that the asset has been experiencing a significant increase in buying pressure. Nevertheless, the SMA and trendline show no signs of reversal or decline, suggesting that the bullish momentum remains intact.

Key levels to watch for a breakout

The $0.44848 level is a crucial resistance level and a sustained rise above it could open the door for more to come Profitspossibly targeting the next resistance at $0.5920. Should Dogecoin manage to break this level, it could trigger a significant increase, with the price likely heading towards $0.7444 and other resistance zones.

However, if Dogecoin faces rejection at this level, it could see a pullback towards support areas such as $0.3563. A successful break below this support could result in further price declines, with the next potential targets being lower support levels. Therefore, traders need to watch these key zones closely to assess whether bulls can maintain control or whether bearish pressure will take over.

Featured image from Adobe Stock, chart from Tradingview.com