DogeCoins Upcoming Bullish Move To $0.17 Is Crucial For Uptrend.

Dogecoin's Impending Bullish Surge to $0.17: A Pivotal Moment for the Uptrend

Coinpedia Fintech News

Dogecoin (DOGE), the preeminent meme coin, continues to demonstrate its resilience within the highly competitive meme sector, boasting a market cap of $21 billion. Despite its year-over-year growth of 100%, DOGE lags behind its rivals, such as Shiba Inu (SHIB) at 168%, Floki at 446%, Bonk at 5317%, and Pepe at 481%.

However, Dogecoin's recent surge in activity and open interest among investors suggests a robust community and operational price dynamics, defying trend-based fluctuations.

The overall Dogecoin market exhibits an uptrend, indicating the potential for a price surge after testing minor pullback support levels.

A 4-hour DOGE/USDT chart reveals resistance at $0.157, followed by a slight pullback to the current $0.15. Despite bearish attempts, a surge in volume indicates a failure to secure strong support.

Buyers maintain a foothold at $0.15, above the 200 SMA. Continued buying pressure could push the price towards the 50-day SMA ($0.17). A rally beyond this level would trigger further accumulation and enter a bullish zone with potential resistance at $0.21 and $0.23.

Conversely, a break and close below $0.147 may lead to a retreat to the next support at $0.135. Further declines below this mark could signal a bearish trend, with the lowest support zone at $0.09.

Technical Indicators Provide Mixed Signals

Oscillators indicate a bearish sentiment, with the Bull Bear Power, MACD, and ROC signaling a downtrend. However, the price suggests a potential move above the 50-day SMA, while remaining above the long-term 200 SMA and EMA. Short-term and medium-term moving crossovers remain bearish, while the long-term trend is bullish.

Trend traders may consider entering between $0.14 and $0.15, with an exit point after the $0.17 breakout and a stop loss at $0.13.