- DOGE has gained over 6%, trading at the $0.23 mark.
- Dogecoin’s daily trading volume has surged by 138%.
With the neutral market sentiment, the broader market cap has settled at $3.83 trillion. Both the green and red waves are encountering the crypto assets, and the largest assets, like Bitcoin (BTC) and Ethereum (ETH), are trading within their former low ranges. Meanwhile, the meme coin market cap has surged by over 5.4%, reaching $77 billion.
Among the pack of meme coins, the dog-themed Dogecoin (DOGE) has jumped by over 6.89% in the past 24 hours. In the early hours, the meme coin began the day trading at the $0.2164 range. As the DOGE bulls take command over the asset, the price has climbed to a high of $0.2343, after testing the resistance between $0.2169 and $0.2338.
At the time of writing, DOGE traded at around the $0.2313 zone, with a market cap of $35 billion. It is worth noting the daily trading volume of the meme coin, which has skyrocketed by over 138% to $2.73 billion. Moreover, the market has observed a liquidation of $8.44 million worth of DOGE during this timeframe, as per the Coinglass data.
Can Dogecoin Maintain Its Recent Price Gains?
The four-hour price chart of the meme coin shows the building of a positive outlook. With this, the bulls could push the price up and test the resistance at $0.2319. Upon the reinforcement of the active momentum, a golden cross might unfold, pushing the DOGE price above the $0.2325 mark.
Contrarily, if the meme coin reverses the bullish pace to bearish, the price might slip and find the $0.2307 support range. Assuming the DOGE price undergoes a steeper downside correction, a death cross would likely take place, and the bears may send the price toward $0.2301 or even lower.
DOGE’s technical indicator analysis exhibits that the Moving Average Convergence Divergence (MACD) line has crossed above the signal line. It implies the bullish momentum, with the possibility of the price continuing to move upward. Besides, the Chaikin Money Flow (CMF) indicator settled at 0.06, a modest strength. It signifies a slight buying pressure in the market. Also, the money is flowing into the asset, more like a mild accumulation.
Additionally, the meme coin’s ongoing market sentiment is in the overbought zone, with the daily Relative Strength Index (RSI) found at 71.44. It generally indicates that the price may face a pullback or correction soon. DOGE’s Bull Bear Power (BBP) reading of 0.01740 suggests a slight bullish dominance in the market. With the modest strength, the uptrend is not stressing at a strong bull rally.
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