Will Dogecoin Uphold a Bullish Rally to $0.01?

• Dogecoin (DOGE) hit its 30-day-high of $0.085 on April 2.
• The memecoin recorded a weekly gain of 6.4%

The anticipation toward Bitcoin’s bull run continues to dominate the market sentiment. Concurrently, the eighth-largest cryptocurrency Dogecoin (DOGE) staged a notable price rally in the last week after its extended bearish period.

As per the above daily time frame chart, DOGE’s 9-day exponential moving average (9-EMA) is found over the 20-day EMA to confirm its bullish state. Supporting this, the Relative Strength Index (RSI) of the memecoin was 53.15, which denoted its neutral state – neither overbought nor oversold. 

According to TheNewsCrypto’s analysis, Dogecoin laid an ascending triangle price pattern. Notably, the Dogecoin price was enclosed by a bullish edge – the resistance of $0.079 – and a bearish edge – the support of $0.071. The current price of Dogecoin was $0.078. A potential breakout at the resistance level would confirm the upside rally.  If the opposite occurs, DOGE will revert to its downtrend.

Dogecoin and its Recent Updates

Yet again, Elon Musk’s action influenced DOGE to rally in price and trend. The Tesla and Twitter CEO got linked to a popular lawsuit – the $258B Dogecoin pyramid scheme. In response, Musk’s lawyers filed a motion to dismiss the lawsuit. Consequently, the memecoin’s price surged to reach its 30-day-high of $0.085. 

Also, the Elon Musk-Dogecoin affinity led DOGE to capture high social volume. As per the crypto intelligence firm LunarCrush, DOGE entered the top 3 cryptocurrencies by social mentions. To highlight, the food giant Burger King’s Doge-linked tweet amplified the hype.

On the other hand, the ecosystem also witnessed the release of a new Dogecoin scaling protocol “Libdogecoin.” The DOGE dev community aimed to simplify the adoption of Dogecoin even to users with zero knowledge of blockchain development.

The market anticipates a price breakout and an eventual validation of a bullish run to $0.01. Conversely, at press time, DOGE displayed a 7% drop in the last 24h.