Following a lengthy period of low pricing close to the bottom of its recent range, Dogecoin, one of the best-known meme coins, seems to be starting to shift back into the spotlight as some signs of positive momentum return to the markets and, to a larger extent, altcoins. At press time, the coin is trading at $0.1430 with an slight increase of 0.95% over the past 24 hours.
DOGE Reclaims Support and Signals a Trend Shift
According to the latest TradingView Daily Chart, Dogecoin made a significant bounce back off of its December support at $0.12 and is now sitting at almost $0.143. The price action provides a clear break of last week’s consolidation range, and also shows a rise in the RSI, which has moved up to 55 after breaking out of the neutral area.
In addition to this bullish move, the MACD has just produced a bullish crossover and has subsequently printed multiple green histogram bars. These are both early signs that buyers are beginning to support the uptrend in the short term.
Should the price manage to close above $0.145 resistance, the next levels of potential resistance will be at $0.16 and $0.18.
Also Read: Dogecoin Sees 300% Spike in On-Chain Metrics as Market Focus Shifts to $0.30 Level
Social Sentiment Reinforces Market Optimism
A recent update on X by the user @dogegod boldly predicted an eventual price target of $3.40 for Dogecoin that, “altcoin season” It is finally upon us. The speculated price prediction may serve as additional fuel for the ongoing bullish trend that is currently being built up through both social and technical means.
Historically speaking, when Dogecoin receives considerable social buzz, there are usually rapid price increases. Especially when combined with positive technical signals.
In conclusion, right now is a prime time to invest in Dogecoin as the combination of both technical analysis (TA) and sentiment are lining up to produce a substantial up move for investors.
If the upward momentum continues and the price of Dogecoin holds above its major resistance area, there is a good chance that, in the near future, Dogecoin will experience a continued upward movement.
Also Read: Dogecoin Whale Buying Surge Signals Rally Toward $0.300 Target Soon
