Dogecoin Recovers 24 Weeks Loss in Just 7 Days, Now Can we Buy it for a Longer Term?

• Dogecoin price surged over 100% during seven trading sessions.
• On the weekly price scale, DOGE price retested the 100 DMA this week.
• The market cap reached $16.4 billion, with a 16.4% gain overnight.

The crypto market shifted dramatically a few days ago, and now every altcoin is rising. Meanwhile, the well-known Mamecoin-Dogecoin is among the favorable altcoins. Two weeks ago, the digital asset recovered its lost value. Dogecoin and Shiba Inu are competing in the cryptocurrency world to become the best Memecoin in the community.

The bulls became aggressive near the demand zone, resulting in a sharp increase in Dogecoin price in recent times after a slow accumulation phase. As a result, the Dogecoin price increased by more than 100% in just seven trading sessions. If buyers fail to maintain higher price stability, this significant price gain may result in a price correction phase.

As per CMC, Dogecoin became the top gainer this week after regaining 108% so far. Due to this amazing gain, Market cap reached $16.4 Billion together with 16.4% gain overnight. In terms of the weekly time frame, digital assets reached a 100 day moving average this week, in fact, this price rally helped buyers to recover 24 week’s losses. 

Finally buyers retain the key round level of $0.10 after a long hustle. As a result, at press time, Dogecoin is trading at $0.127 mark along with 4.39% intraday profit. Due to the bullish rally, digital asset flipped conceptual round level into immediate support level. Moreover, the DOGE crypto concerning the bitcoin pair is up 23.5% at 0.000006141 satoshios. 

Over the weekly price chart, the RSI indicator reached the 65 mark, which is a really incredible positive indication for uptrend. MACD is also headed towards the higher zone because it has reflected bullish crossover earlier.

Conclusion 

Dogecoin has registered a remarkable rally in the last few trading sessions. Although, on the weekly chart, digital assets take a pause at 100 DMA, this bullish hurdle’s breakout is likely ahead. 

Support level – $0.10 and $0.050

Resistance level – $0.150 and $0.20

Disclaimer 

The views and opinions stated by the author, or any people named in this article, are for informational ideas only, and they do not establish financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss

Steve Anderson is an Australian crypto enthusiast. He is a specialist in management and trading for over 5 years. Steve has worked as a crypto trader, he loves learning about decentralisation, understanding the true potential of the blockchain.

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