By breaking through the crucial $0.24 resistance, Dogecoin has dealt a severe blow to bearish sentiment and rekindled bullish momentum. Since it is a significant threshold that many traders expected to mark the beginning of a more thorough price reversal, traders have been closely monitoring this breakout level. The move above $0.24 signifies a potential long-term retrace, rather than a psychological victory for bulls.
In previous weeks, this level had served as a rejection point, halting several attempts to rise. After clearing it, DOGE can now take on stronger resistances; the next significant target is in the $0.27-$0.28 range. The potential golden cross — in which the 50-day EMA is expected to cross above the 200-day EMA if upward momentum persists — is one of the most bullish technical developments that is imminent.
Such a crossover is typically associated with long-term rallies and is regarded as a bullish signal. This breakout has gained credibility due to the steady increase in volume. Strong market participation is confirmed by rising trading activity, which lowers the possibility of a false move. This volume increase indicates that real buying pressure, not speculative short-term speculation, is driving the rally.
Technically speaking, DOGE is likewise comfortably above its three main moving averages, the 50-100 and 200-day EMAs, indicating widespread support for the current trend. If momentum continues, these levels ought to maintain the bullish structure by serving as a buffer against transient declines.
For the breakout to be confirmed in the near future, DOGE must keep its position above $0.24. The market could fully recover from its recent decline and possibly pave the way for a long-term bullish cycle if bulls are able to gather enough momentum to target $0.27 and higher.
Shiba Inu shows teeth
Following its breakout from a descending triangle formation, which marks the conclusion of a consolidation phase and the beginning of a new upward trend, Shiba Inu shows a strong position on the market. The breakout coincides with a recovery from an upward trendline that has served as steady support since the beginning of July. The 200-day EMA is one of the most important levels to watch right now.
Historically, this long-term moving average has served as a deciding barrier for the direction of SHIB’s trend. The likelihood of a more substantial price recovery rises sharply if bulls can push the price above this level with consistent volume. The path toward $0.000015 and possibly the $0.00002 region could be opened by a successful break.
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The bullish case is supported by recent on-chain data. Within a few days, the daily unique wallet activity on SHIB increased from roughly 3,000 to nearly 4,000, a roughly 30% increase earlier this month. Even though activity has since returned to normal below 3,000, this brief spike suggests that the market is once again interested and that new liquidity may be entering the system.
Such wallet growth periods have typically coincided with significant price increases. Further supporting the optimistic outlook is the approaching bullish cross of the 50-day EMA above the 100-day EMA. This crossover could draw more technical traders buying interest and would validate improving medium-term momentum. Only a 10% increase in price based on current activity would set off this signal, which could support a current rally.
Solana’s unexpected rise
Solana, one of the market’s most resilient altcoins, has regained its prominence after soaring to the $200 mark, maintaining its recent bullish momentum. Fitting into a recurrent market pattern seen since 2021, the move occurs as the larger cryptocurrency market cools off after Ethereum‘s powerful rally. Ethereum typically leads with a price spike, enters a correction phase and Solana then catches up with its own rally.
At $205, SOL is currently trading just below its next significant resistance level. The market may retest higher ranges earlier in the year if there is a strong breakout above this level, which has historical significance as a rejection point. In contrast to thin-market spikes, the recent surge is supported by strong volume, indicating real buying pressure. Since taking it back in late July, Solana has remained technically strong above its 200-day EMA.
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After the 50-day EMA successfully retested, buyers intervened to protect important support levels, sparking recent upward movement. The market’s propensity to shift capital from Ethereum to other high-performance layer-1 blockchains with Solana frequently reaping the main benefits is consistent with this bullish price action. Despite the fact that momentum indicators are getting close to overbought territory, the absence of sudden selling pressure indicates that bulls are still in charge.
The battleground will be at $205, which, if broken with significant volume, could result in quick upward extensions, possibly reaching $220 and higher. Short-term consolidation, however, might be triggered if Ethereum fails to break above $205, particularly if it starts another upward leg and draws the markets attention back to itself.
Solana’s price action is currently in line with its historical market rhythm, and traders are keeping a close eye on whether this rally will continue to resemble the cyclical patterns of 2021-2022.
