The past few days have seen DOGE bulls regain strength after a shaky trading session. Major cryptocurrency tokens have also undergone a considerable market correction to regain their momentum.
After the impressive turnaround, the price of Dogecoin has been up by 8% over the last 24 hours, with the meme coin trading at $0.151 at the time of publication. Market players were observed in the green zone, and altcoins also added significant gains to their value.
Following the bullish trend that has enveloped the market, the global crypto market cap stands at $2.26 trillion amid a 6.7% positive market performance.
Bitcoin, in comparison, is trading at $47,800, making it one of the highs of the month for the leading cryptocurrency. Ethereum also raised its price to $3,400, a price level it last reached in January 2022.
4-Hour Price Analysis for DOGE
The meme token was seen trading around a white line, which indicates a bullish move. The past week has seen the performance of Dogecoin culminate in a significant increase of 26%. The sudden rise was triggered by Elon Musk’s statement about replacing the Twitter logo with the DOGE brand.
Following Musk’s comment, the value of the DOGE surged further within days. The trade volume of the previous trading session is also in gree, indicating that the price action has been positive so far.
Resistance to the meme crypto stands at $0.160. The last trading session that the DOGE traded at the same resistance mark was in February. Should the bulls continue to push further, the DOGE would be able to retest the previous resistance line.
If a price retraction occurs, Dogecoin will be trading near the $0.143 mark and a support level of $0.134.
DOGE/USD 4-hour chart. Source: TradingView
Further Analysis
The meme coin has been moving back and forth within the oversold zone. With the bulls gaining strength with each passing hour, Dogecoin has attracted more buyers and increased trading activity.
The Relative Strength Index (RSI) is an indication that buying ability has moved beyond the 80- mark, which points to an overvalued tendency among market players.
The 20-SMA slope is where the price of the DOGE was seen trading above, signifying a bullish tendency. The bullish outlook implies that buyers were the drivers of the price momentum present at that moment and may likely remain so.
Therefore, Dogecoin could continue to move on the upward trend, which indicates a white line; by extension, the cup and handle pattern is only seen when the market is bullish, which would influence the meme token attempt to trade above the current resistance level of $0.160.
The MACD indicates further market momentum, with Dogecoin showing more promises of moving further up the price zone, which is a bullish market situation. This means that the green zone will be busy as more bulls continue their activities.
To cap it all, Dogecoin is currently in a bullish stage which is expected to continue barring any major setback in market performance.
