Will Dogecoin (DOGE) Pass the $0.15 Resistance Test?

DOGE Surges to Four-Month High, Defying Market Downtrend

DOGE has reached a four-month high, trading at $0.1481 after a 4.77% gain in the past 24 hours. Despite widespread market pessimism, the meme coin has bucked the bearish trend.

Over the past 24 hours, DOGE has experienced a $6.12 million liquidation. However, the coin's performance has been impressive in the past week and month, with gains of over 33% and 10.52%, respectively.

Nakamoto's DOGE Sales

The recent surge in DOGE's value has coincided with a significant sell-off by its co-founder, Shibetoshi Nakamoto. Nakamoto sold all his DOGE in 2015 for $10,000, but has since accumulated coins for free. Reports indicate that he has earned approximately $780,000 by selling these tokens.

Technical Analysis

The four-hour technical chart for DOGE suggests that the meme coin is entering an overbought zone, with an RSI of 69.21. The bullish pattern is further supported by the 9-day MA exceeding the 21-day MA.

However, the Moving Average Convergence Divergence (MACD) is below the signal line, indicating potential bearish pressure. If DOGE can surpass $0.1510, it may face resistance at $0.1542. Conversely, if it falls below $0.1450, it may find support at $0.1423.

Tags:

Cryptocurrency, DOGE, Dogecoin