Dogecoin Mirrors Toncoin’s Price Action: Breakout Ahead?

• Dogecoin’s volume surge suggests rising interest but faces resistance at $0.113.
• Toncoin’s breakout potential lies above $5.31, supported by a 70.72% volume rise.
• Both DOGE and TON show bullish momentum but face short-term resistance challenges.

Dogecoin (DOGE) has shown a slight upward movement, gaining attention from investors with its recent 2.05% increase. Currently priced at $0.1133, this popular cryptocurrency may be signaling a potential buying opportunity. The rise in Dogecoin’s value has coincided with similar trends observed in Toncoin (TON), sparking comparisons between the two assets and raising questions about future price movements.

Support and Resistance Levels Key to Dogecoin’s Next Move

As Dogecoin climbs, the $0.110 support level has proven crucial, with the price repeatedly bouncing off this zone. This provides a solid foundation for DOGE, preventing further decline and maintaining trader confidence. If the price retests this support, buyers may find new entry points.

Source: Coinmarketcap

Conversely, the current resistance zone near $0.113 is a pivotal point. Dogecoin is testing this level, and a clear break above it could unlock new short-term highs. However, if resistance holds strong, the price could face rejection, pulling back toward the $0.111 mark, where previous consolidations occurred.

Dogecoin’s Volume Surge Could Signal Bullish Momentum

Dogecoin’s trading volume has surged by 50.02% in the last 24 hours, signaling increased buying interest and possible accumulation. This growing volume suggests that buyers may be preparing for a push above the current resistance. Significantly, Dogecoin’s market cap has grown to $16.58 billion, reflecting a notable influx of capital into the asset.

DOGE/USD 1-day price chart, Source:
Trading view

Despite the growing momentum, traders must stay cautious. The Relative Strength Index (RSI) reads 55.37, indicating a neutral position where DOGE is neither overbought nor oversold. Additionally, the Moving Average Convergence Divergence (MACD) is currently trading below the signal line, signaling that Dogecoin could face short-term bearish pressure.

Toncoin Exhibits Similar Patterns

Like Dogecoin, Toncoin (TON) has also seen upward movement, currently priced at $5.30, with a 0.70% increase over the past 24 hours. Its support and resistance levels mirror the patterns seen in Dogecoin. 

Source: Coinmarketcap

The nearest support sits at $5.15, where Toncoin has rebounded in the past, while resistance stands just above its current price at $5.31. A breakout above this could see Toncoin rally toward the $5.35 resistance level.

TON/USD 1-day price chart, Source:
Trading view

Toncoin’s volume has surged even higher than Dogecoin’s, climbing 70.72%, suggesting heightened activity and a potential breakout on the horizon. While the RSI of 46.45 indicates a neutral state, the MACD, like Dogecoin’s, suggests potential downward pressure.

Disclaimer: The information presented in this article is for informational and educational purposes only. The article does not constitute financial advice or advice of any kind. Coin Edition is not responsible for any losses incurred as a result of the utilization of content, products, or services mentioned. Readers are advised to exercise caution before taking any action related to the company.