Dogecoin Seeks Breakout Above Key Resistance Zone

Dogecoin's market cap is attempting to break above a key resistance zone after testing the 200-week moving average. The cryptocurrency had previously broken above a short-term downtrend and has been building momentum in its recovery attempt.

The weekly chart for Dogecoin's market cap shows that it is currently trading at around $17.79 billion, just below the 200-week moving average. A clean break above this level could be a significant indicator of a wider recovery, but failure to do so would put pressure on the cryptocurrency's price.

In addition to its market cap, Dogecoin's ratio against copper has also broken above a descending trendline, indicating an early recovery attempt for the cryptocurrency. The $DOGE/COPPER ratio is currently trading near 0.01808 after rebounding from the lower support zone around 0.016.

While the breakout in the $DOGE/COPPER ratio suggests that Dogecoin is attempting to regain strength relative to copper, it remains early and will require follow-through above 0.021 to confirm stronger relative strength against copper.