Dogecoin (DOGE) Strengthens Ground Amid a 9% Price Jump

• DOGE trades at $0.1334, marking a gain of 9.10% over the last 24 hours.
• The meme coin has witnessed a 24-hour liquidation of $5.45 million.

The Dogecoin (DOGE) price is on the rise, potentially shifting toward a bullish pattern, as recent technical indicators hint at the growing positive momentum. DOGE took hold of its ground at a potential resistance level, likely preventing further decline.

DOGE’s price has surged over 9.10% in the last 24 hours. Notably, DOGE managed to record a high of $0.1359 and a low of $0.1208. Meanwhile, the meme coin’s daily trading volume has dropped down by 14% to $1.95 billion. 

At press time, Dogecoin was trading at $0.1334 with a market cap of $19.54 billion, according to CoinMarketCap data. Moreover, the meme coin has witnessed a 24-hour liquidation of $5.45 million, as per Coinglass data.

Notably, an analyst suggested that the price of DOGE could reach $0.13 while everyone is asleep, in light of the potential price movement of DOGE. 

Will the Bullish Momentum Persist?

DOGE has registered a substantial price surge over the last seven days, with a 24% increase. At the beginning of the week, the meme coin was trading at $0.1074. In the following days, the token’s price steadily mounted to a high of $0.1274 without a fall back to the downside. 

If DOGE manages to climb further and break above the $0.1370 level, then it will likely test the $0.1415 resistance soon. However, if the bearish pressure pulls back the price and falls below $0.1268, it might test the $0.1220 support zone. 

In addition, the Moving Average Convergence Divergence (MACD) of Dogecoin is currently above the signal line, suggesting a bullish sentiment that may impact its price momentum.

Notably, the current price momentum of DOGE triggered it to enter the overbought zone in the market, as indicated by the daily relative strength index (RSI) positioned at 70.60. Besides, the current brief bullish pattern and a buy signal are highlighted by the short-term 9-day MA standing above the long-term 21-day MA.