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
Source: Tradingview
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.
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