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- Dogecoin rises 13.36% in 24 hours, with trading volume up 78.92%, reaching $6.67 billion.
- A break above $0.26 could send DOGE to the $0.30-$0.40 range, continuing its upward trend.
- RSI at 58.32 and positive MACD indicate bullish momentum, suggesting continued growth for DOGE.
At the time of writing, Dogecoin (DOGE) is trading at $0.24, marking a 13.36% increase over the past 24 hours. The trading volume for the 24 hours stands at $6.67 billion, reflecting a 78.92% increase. Over the past 7 days, the DOGE coin price has gone up by 17.5%. The developments have attracted significant interest among investors in the cryptocurrency market.
Daan Crypto Trades highlighted that in the event that the coin is able to break past the $0.26 resistance, it might effortlessly move into the $0.30 and $0.40 zone. In the past, DOGE typically has a slow initial movement but then rises steeply when it begins to gain pace. This tendency makes the current market movement specifically interesting.
Also Read: DOGE Hits $0.19 After Breakout: Will Bulls Push to $0.25?
Positive MACD Supports Bullish Trend
The RSI of Dogecoin is 58.32, which implies that the coin is not overbought. The RSI data indicates that the coin has not yet been overbought, meaning there is still more possible growth. DOGE might keep pushing RSI into the overbought area with further acquisitions as long as the bullish run persists.
The Moving Average Convergence Divergence (MACD) is positive on DOGE. MACD line is valued at 0.0076 and the signal line holds 0.0075. The histogram is also positive, which implies that the market mood is showing an upmove. This follows the overall bullish sentiment, implying that the DOGE might remain bullish in the short run.
Source: TradingView
Dogecoin’s Bullish Outlook
Javon Marks mentioned that the price of Dogecoin (DOGE) has been going up significantly and can continue to go higher. Based on historical bull market periods, Marks thinks that the DOGE might not only hit $2.28 but also go even higher into a game-changing breakout of an 800% rally. The 1.618 Fibonacci level around the price of $2.28 is evident, and DOGE has already breached this number during the past cycles. Marks believes that the cryptocurrency will do so again.
CoinGlass data shows that DOGE is experiencing a surge. The volume of trading surged by 75.29% to $18.71billion, and the open interest increased by 27.23% to reach $4.00 billion. The OI-Weighted Funding Rate stands at 0.0198%. It suggests that the investor activity is high, and it is quite possible that Dogecoin will move in price in the short term.
Source: CoinGlass
As DOGE demonstrates high signs of future growth, the market is seeing whether it will be able to overcome the strong resistance levels and continue its rise. Every indication points to further bullish action in future.
