Dogecoin (DOGE) has experienced notable price fluctuations recently, with its value failing to sustain a breakout above a key 365-day horizontal resistance area. After reaching a new yearly high on December 11, Dogecoin's price declined, only to find a strong bounce recently. The cryptocurrency traded below a long-term horizontal resistance since December 2022, making several unsuccessful attempts to break out.
In October 2023, Dogecoin finally breached this resistance, achieving a new yearly high by December 11. However, it struggled to maintain this momentum. The Relative Strength Index (RSI) readings and recent price movements provide mixed signals about Dogecoin's future trend. The cryptocurrency is currently at a critical juncture, with potential for both a significant drop or a breakout leading to new yearly highs.
Disclaimer: Please note that the information provided in this article is based on the referenced research articles. It is essential to conduct further research and analysis before making any investment decisions. The cryptocurrency market is highly volatile, and investors should exercise caution and consult with financial professionals before engaging in cryptocurrency trading or investment activities.