Dogecoin Rally Intensifies: Eyes Set On Historic New Highs

2 weeks ago 38

After a retracement from its existent precocious of $0.22960, the terms of Dogecoin (DOGE) looks similar it is not yet done arsenic the memecoin bounced backmost and moving toward its existent high.

Dogecoin Price Technical Analysis

Dogecoin is 1 of the fewer memecoins that person captured the hearts of galore crypto investors. Like Shiba Inu and Pepecoin (PEPE), Dogecoin is backed up by a beardown and breathtaking assemblage which has played a immense relation successful its occurrence truthful far. 

At the clip of writing, the terms of DOGE was trading astir $0.19713 and was up by implicit 5% successful the past 24 hours. Also, the terms is presently trading supra the 100-day moving mean with precise beardown bullish momentum successful the 4-hour timeframe.

The MACD indicator successful the 4-hour timeframe suggests an upward spike. This is truthful due to the fact that the MACD enactment and the MACD awesome that was trending beneath the zero enactment person some crossed, heading toward the MACD zero line. 

If the MACD enactment and the MACD awesome enactment negociate to transverse supra the MACD zero, Dogecoin mightiness determination higher to make a caller high. Meanwhile, the MACD histogram is already trending supra the zero enactment which suggests a bullish momentum.

Dogecoin

The Relative Strength Index (RSI) connected the 4-hour timeframe besides indicates a bullish momentum toward the upward absorption arsenic the RSI awesome enactment has crossed supra the 50% level and is heading towards the overbought zone. According to the RSI indicator, the spot of the upward question is inactive precise beardown arsenic buyers are inactive precise progressive successful the market.

Potential Retracement On The Downside

Given the price’s erstwhile surge, 2 large absorption levels and 1 large enactment level were created astir $0.22960, $0.2244, and $0.19622 respectively. If the terms of DOGE manages to determination supra the absorption level of $0.22441 level, it mightiness determination adjacent further upward toward the absorption level of $0.22960. 

At this point, if the terms succeeds successful breaking supra this level, the terms mightiness surge higher to make a caller high. On the different hand, if the terms fails to interruption supra this absorption level, the terms mightiness commencement a caller downward question toward its erstwhile enactment level of $0.19622. However, a breakout beneath the $0.19622 level could trigger a caller downward trend.

DogecoinDOGE trading astatine $0.19 connected the 1D illustration | Source: DOGEUSDT connected Tradingview.com

Featured representation from iStock, illustration from Tradingview.com

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