Dogecoin price started the week dismally with a minor drop to $0.183 support on Tuesday before following in the footsteps of its big brother, Bitcoin (BTC). The largest cryptocurrency significantly surged, continuing its bullish streak from last week by peaking above $70,000.
The bullish outlook seems to be spreading across the crypto market, with some altcoins like Internet Computer (ICP) leading the charge. Ethereum (ETH) and Solana (SOL) have not been left behind as they showcase their bullish theories to $3,588 and $192.
Why Dogecoin Price Will Nurture The Meme Coin Rally
As the largest meme coin, Dogecoin plays a significant role in shaping the future of this category of cryptocurrencies. It boasts $26.5 billion in market capitalization, ranking nine among other tokens.
Despite a 3% growth in DOGE’s price on Monday, there has been a 6% drop in the 24-hour trading volume hinting at reduced interest among traders.
Other meme coins like Shiba Inu (SHIB) and dogwifhat (WIF) have also been on the move, increasing by 6% and 18% respectively. Bonk, another Solana-based meme token, gained by 9% to trade at $0.000025 at the time of writing.
Investors in the meme coin segment are often attracted to the hype that culminates in explosive price surges and this bull run is no different.
Interest in Dogecoin tends to drive people to SHIB, WIF, BONK, and other lesser-known tokens to maximize profits during bull runs.
Dogecoin Price Prediction As DOGE Flips Bullish
Dogecoin price holds above three key bull market indicators comprising the 20-day Exponential Moving Average (EMA), the 50-day EMA, and the 200 EMA (the blue, red, and purple lines not the chart). Additionally, it sits above the previous day’s open of $0.1766, signaling a sustainable rally.
A recently confirmed golden cross propped the bullish thesis further as the 20-day EMA flipped above the 50-day EMA. This pattern reinforces the bullish outlook and encourages traders to seek exposure by taking more long positions in DOGE.
According to the position of the SuperTrend indicator on the same four-hour chart, the path of least resists is upward, which implies that Dogecoin price is far from exhausting the bullish trend and may top $0.2 in upcoming sessions.
However, traders must stay alert, aware that potential resistance at $$0.19 could delay the uptrend and further impede the move anticipated above $0.2 and subsequently toward $1.
In the event of a correction due to profit-taking or panic selling caused by intense volatility in the market, support at $0.17 — backed by the 20-day EMA will come in handy to stop potential losses to the major support between $0.12 and $0.13.
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