Dogecoin Bulls Eye $0.30 Breakout Amid Heavy Sell Walls
Dogecoin (DOGE) has been gaining upward traction on the daily chart, with closing prices showing steady progression from $0.2406 to $0.2988 in recent sessions.
The move has been supported by strong momentum indicators, reinforcing bullish sentiment as the coin approaches crucial resistance levels.
Dogecoin Momentum Building on Daily Chart
Both the 9-day and 20-day EMAs have been trending higher, reflecting growing short- and medium-term strength. With the Dogecoin price trading consistently above these averages, DOGE is showing strong market support.
DOGE/USD daily chart (Source: GeckoTerminal)
The MACD line remains firmly above the signal line, and the widening histogram highlights accelerating bullish momentum for Dogecoin. Meanwhile, the RSI has pushed into overbought territory, suggesting that buying strength is dominant, though it also raises the risk of a near-term pullback.
Order Book Dynamics
The order book adds further insight into market dynamics.
A significant bid wall sits at $0.29500 with over 2.65 million DOGE (≈$782,877 USDT). If this level is breached, the price could slip by about 1.28%, while deeper bid walls at $0.29000 and $0.28900 could provide secondary buffers but expose DOGE to losses of nearly 3%.
On the upside, major ask walls cluster around $0.29970, $0.30000, and $0.30500. Clearing the $0.30000 wall, which holds more than 21.7 million DOGE (≈$6.51M USDT), could unleash a rapid move toward the next resistance, with potential for a 2% gain if $0.30500 falls.
Resistance and Support Outlook
Dogecoin now faces its first major resistance at $0.33710, followed by heavier barriers at $0.39483 and $0.39903. These levels could act as upside targets if the current momentum persists. On the downside, immediate support sits at $0.24651, with stronger cushions at $0.21457 and $0.21073 should a correction deepen.
The technical setup leans bullish, but the overbought RSI calls for caution. For long traders, entry opportunities may emerge on retests of the $0.29500–$0.29000 zone, with targets toward $0.33710.
Exits could be staged around resistance levels, particularly near $0.30500 and $0.33710. For short traders, rejection at the $0.30000–$0.30500 ask zone could offer opportunities to target downside moves back toward $0.29000 or $0.24651.
DOGE’s near-term trajectory will hinge on whether bulls can absorb the heavy selling pressure near $0.30000. Clearing this ceiling could reignite strong upside momentum, while failure to do so may leave the coin vulnerable to profit-taking and dips toward support levels.
Disclaimer: The information presented in this article is for informational and educational purposes only. It does not constitute financial advice. Ecoinimist is not responsible for any losses incurred. Readers should exercise caution before acting on this content.
