Dogecoin price remained bullish as the token held key support levels for weeks, leading to its current rally and renewing interest within the crypto community. Analysts speculate that DOGE could soon see another upward move due to rising buying pressure.
At the time of writing, the DOGE is trading at $0.1109, recording a 1.47% gain over the last 24 hours. The DOGE also posted a daily trading volume of $3.21 billion, while its total market capitalization reached $18.56 billion, according to CoinMarketCap.
Source: CoinMarketCap
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DOGE Signals Potential Breakout Ahead
A crypto analyst, BitGuru, shared an optimistic forecast for the price of Dogecoin, noting that the Dogecoin price was gradually rising again, as the coin had been range-bound for quite some time. It is reported that the cryptocurrency recently took out support and bounced higher after accumulating liquidity below the level.
Source: BitGuru’s X Post
BitGuru also pointed out that DOGE is currently trading above key support areas that might assist in keeping the uptrend alive. Provided that buyers keep holding the position at these supports, the cryptocurrency might soon head towards the next resistance level at $0.12.
Dogecoin Price Indicators Continue Showing Strength
Technical Analysis Outlook of Dogecoin price is bullish, even with a slight decline. In technical terms, the outlook for DOGE is bullish even though there has been a slowdown in momentum. As for the current value of the Relative Strength Index (RSI 14), it is 63.10, which is above the neutral line of 50, indicating that the buyers are in charge of price action.
DOGE is also currently trading above various MA Ribbon support zones, such as $0.10549, $0.09814, and $0.09723. Investors may see further gains as long as the price remains above these levels.
Source: TradingView
Furthermore, the MACD technical indicator keeps giving optimistic signals. At the moment, the MACD line is trading at 0.00403, above the signal line that trades at 0.00385. Momentum has fallen somewhat from previous sessions; however, the histogram shows a positive value of 0.00019, suggesting that buying pressure prevails.
Investors have noted that should trading volumes continue rising, there is a chance for the Dogecoin price to try once again to push past the key resistance level of $0.12 within the coming days. Any movement below the existing levels of support will hinder this rally.
This article contains market analysis and price predictions. These are not guarantees. Crypto markets are volatile. Always DYOR. Not financial advice.
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