Will Dogecoin (DOGE) Pass the $0.15 Resistance Test?

• DOGE hit a four-month high and traded at $0.1481 after gaining 4.77% in the last 24 hours.
• The meme coin has witnessed a 24-hour liquidation of $6.12 million.

October was anticipated to ignite a bull run in the crypto market. However, crypto assets have continued to defy bullish forecasts and deepen their bearish trajectory. The market has witnessed declining prices and sell pressure, leaving investors anxious. 

Notably, the meme coin Dogecoin (DOGE) has recently attracted the crypto market with its performance. It stands out as one of the top market performers, recording substantial gains over the past week and month. 

As a new week began, DOGE surged to a new 4-month high, defying expectations following a massive sell-off by its co-founder, Shibetoshi Nakamoto. According to on-chain data, Nakamoto’s long-sold DOGE tokens have now a value increase to $9 million. He sold all his DOGE back in 2015 for $10,000 to buy a car. Despite this, he has several wallets to get coins for free, and reportedly he has earned approximately $780K by selling the free tokens he obtained. Recently, Nakamoto earned 12.2 BNB coins by selling BabyNeiro tokens.

In the last 24 hours, DOGE has gained over 4.77%, and at press time, it trades at $0.1481, with its daily trading volume increasing by 10.52% to $1.73 billion, as per CMC data. Besides, the high and low of the Dogecoin price were recorded at $0.1454 and $0.1376, respectively.

On the other hand, the upward momentum of the meme coin has continued over the past seven days from the last month. With the bullish sentiment over the past week, the asset gained over 33%. The week began trading at $0.1115, and eventually DOGE has climbed to a high of $0.1462. 

Technical Analysis of DOGE

While inferring the four-hour technical chart of Dogecoin, the current momentum of the meme coin is to enter the overbought zone in the market, as the RSI is positioned at 69.21. Moreover, the short-term 9-day MA, standing above the long-term 21-day MA, indicates the ongoing bullish pattern.

It is crucial to note that the Moving Average Convergence Divergence (MACD) of DOGE is currently below the signal line, suggesting a brief bearish sentiment in its price movement. 

If DOGE could climb further above the $0.1510 level, the meme coin might likely test the crucial resistance at $0.1542. Conversely, if the bear hold pulls back the price and if it dips below the $0.1450 mark, it might test the nearby support at $0.1423.