Can We Trust the Upcoming Dogecoin (DOGE) Price Breakout? Will it Sustain above $0.12 or Trap the Bulls Within the Range?

The market dynamics are slowly changing, with the bulls gaining back strength and dominance. The memecoins like WIF, FLOKI, POPCAT, BOME, MOG, etc. and many more have been accumulating huge profits; meanwhile, the top memecoin, Dogecoin, continues to remain consolidated within a range. The DOGE bulls are fighting with the bearish influence, which may result in a breakout. Now the question arises whether the upcoming rise can be trusted, as the possibility of a bull trap has also emerged. 

DOGE, once a star token, has now waiting for a strong bullish push for quite a long time. The price has been unable to reclaim a resistance level for over a month, which has become one of the important zones to clear. Until and unless the prices do not clear these barriers, the trade may not be placed and as a result, the DOGE price may remain consolidated within a range for a prolonged period. 

What’s next for the Dogecoin (DOGE) price rally? Will it achieve $0.12 in 2024?

When the Dogecoin price broke out from a falling wedge, the analysts believed the token could further trigger a huge rise beyond $0.125. However, the bears restricted the rally below $0.11 and continue to do so as bulls do not appear to be well positioned. Currently, the bears are trying hard to push the prices below the crucial support at $0.104 and if this trade plays out well, the token is believed to drop below $0.1 before the end of the month. 

While the other tokens have triggered a breakout, Dogecoin continues to trade under the huge influence of the bulls. Besides, the RSI rose above the average range but could drop back below the range. Moreover, both the DMI levels are parallelly heading towards the lower range, regardless of a bullish crossover. This indicates a drop in the bullish momentum while the bears wait for a small rise to enter. 

Hence, the next few days until the end of the month could be extremely crucial for the Dogecoin (DOGE) price rally, as a drop below $0.1 may drag the levels to $0.094; otherwise, a sustained trade may compel the price to extend the current consolidation.