Can Dogecoin (DOGE) Eye the $0.30–$0.35 Zone After Its Recent 6% Uptick?

• DOGE is hovering around the $0.21 mark, reflecting a 6% surge.
• The meme coin’s daily trading volume has increased by over 80%.

With the overall crypto market sentiment being greedy, the assets continue to trade sideways, displaying both upward and downward pressure. Meme coins are briefly following the bullish wave, with the market cap rising over 5.9%, reaching $78.8 billion. Notably, Dogecoin (DOGE), the prominent dog-themed meme coin, has posted a 6.87% surge over the last 24 hours. 

The Ali chart shows a major bullish breakout for Dogecoin. It has broken above a long-term descending line, which previously served as resistance. The breakout candle is holding above the trend line, indicating buyers are stepping in. Also, if the momentum continues, DOGE could retest the resistance levels around $0.24 to $0.30.

In the early hours, the meme coin was trading at $0.1986, marking the daily low. The bullish shift in the DOGE market initiated the price to move up, breaking the crucial resistance ranges between $0.1991 and $0.2191, gradually reaching a high of $0.2197. At the time of writing, Dogecoin trades at around the $0.2126 mark. 

DOGE’s market cap is settled at $31.92 billion, with the daily trading volume having increased by over 80.95%, reaching $3.38 billion. It is crucial to note that the market has experienced a 24-hour liquidation of $13.45 million worth of DOGE during this interval, as reported by Coinglass data. 

Could DOGE Break Even Higher After Its Recent Surge?

With the active uptrend of the meme coin, the price could target the $0.2132 mark. If DOGE’s steady upside correction might eye more gains and trigger the formation of a golden cross to hit its resistance at around $0.2140 or even higher. Contrarily, a bearish awakening could likely erase the recent gains, and the meme coin price might fall to the support at the $0.2119 range. DOGE’s extended correction on the downside pushes the death cross to take place and leads the price toward $0.2112.

Additionally, the four-hour technical analysis reveals that the Moving Average Convergence Divergence (MACD) line is positioned above the signal line. It generally points out that the bullish momentum is building. DOGE’s Chaikin Money Flow (CMF) indicator value is at -0.12, which implies a moderate selling pressure in the market. Also, the money is flowing out of the asset, giving a bearish caution. 

DOGE’s Bull Bear Power (BBP) reading of 0.01387 is positive, signalling a bullish dominance, and may strengthen the upward movement. Moreover, the daily Relative Strength Index (RSI) of the meme coin found at 65.30 hints at the positive sentiment, which would approach the overbought zone.

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