DOGE Jumps 9%, Is It a Sign of Resilience Rally or Market Noise?

• DOGE surged over 9%, now trading at $0.23. 
• The daily trading volume has jumped by 176%.

With a 4.14% surge, the overall market cap has settled at $4 trillion. The crypto assets lit up the green candlesticks, reclaiming the recent gains. Meanwhile, the meme coin market cap has climbed to $78.3 billion, after a solid 10.3% increase. Notably, the leading dog-themed meme coin, Dogecoin (DOGE), has soared by over 9.59%. 

A continued uptrend has the potential to send the meme coin price sky-high. DOGE opened the day trading at a bottom range of $0.2088. Eventually, the meme coin bulls took command and triggered the price to trade at a high of $0.2417. The asset has tested and broke the crucial resistance levels between $0.2093 and $0.2412. 

At the time of writing, DOGE traded within the $0.2382 mark, with a market cap of $35.78 billion. Also, it is worth noting the daily trading volume of the meme coin has increased by over 176%, reaching $5.48 billion. Furthermore, the market has witnessed a liquidation of $19.00 million worth of DOGE during this timeframe. 

Where Will DOGE’s Price Go From Here?

DOGE’s four-hour price chart exhibits an active upside correction that could send the price to meet its nearby resistance at $0.2388. Extended gains might invite the golden cross, and the bulls may propel the meme coin to climb to $0.2394. However, with the emergence of bears, it might nullify the bullish gains and fall back to the immediate $0.2376 support. A steeper correction on the downside pushes out the death cross to show up. The bears could take the DOGE price further down toward the $0.2370 range. 

In addition, the technical indicator analysis of the meme coin reveals that the Moving Average Convergence Divergence (MACD) line has crossed above the signal line. This crossover likely implies a bullish sign, and the price may keep rising. Besides, the indicator that assesses the capital flow, the Chaikin Money Flow (CMF) value is found at 0.15. It reports a positive money flow into the asset, but not extremely strong yet, with moderate buying pressure in the market. 

The meme coin’s daily Relative Strength Index (RSI) is found at 62.84, indicating bullish momentum. It may approach the overbought zone, and the buyers are clearly stronger than the sellers. Moreover, DOGE’s Bull Bear Power (BBP) reading of 0.01975 hints that the bulls have the upper hand, pushing the price above. With the slightly positive value, the buyers are mildly stronger, but not to an extreme.

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