Dogecoin is gaining traction again after taking a week’s pause in buying. While several meme coins are recovering from the recent falls, it broke higher yesterday and appeared highly bullish following 16% daily gains.
Dogecoin started this month on a strong note and recorded its most gains after trading bearishly for six months. Things quickly slowed down after failing to push above $0.15 earlier last week. It marked resistance there and dropped due to rejection, leading to a temporal halt in buying.
Last Friday, the bulls reacted strongly to the drops and luckily for them, the $0.13 level produced support. The price resurged from that level and increased consistently until it broke out of the previous resistance.
It has retraced slightly in the past hours after testing a high of $0.169. A push above this high could bring a retest at May’s high before making a pullback. Breaking higher should fuel more growth in the market.
From a technical standpoint, it is important to note that Dogecoin’s trend has completely shifted to the upside from a short-term perspective.
While the latest surge in Doge’s price indicates a major bullish move for meme coins, we can expect a substantial amount of volume to flow into the sector any time soon. Other meme coins like Floki, Popcat and Mog have joined the rally.
DOGE’s Key Level To Watch
Continuing the bullish momentum, Doge is now trading near the $0.175 resistance, tested in May. A break above this resistance could skyrocket the price to April’s $0.21 and March’s $0.229 highs, where a long-term rally is likely to start.
If the price pulls back, the $0.15 support is the level to watch for a rebound. Lower levels to consider for a deep pullback are $0.132 and $0.115.
Key Resistance Levels: $0.175, $0.21, $0.229
Key Support Levels: $0.15, $0.132, $0.115
- Spot Price: $0.165
- Trend: Bullish
- Volatility: High
Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any services.
Follow us on Twitter @nulltxnews to stay updated with the latest Crypto, NFT, AI, Cybersecurity, Distributed Computing, and Metaverse news!
Image Source: promesaartstudio/123RF // Image Effects by Colorcinch