DOGE Bulls in Charge: Potential Upside Momentum Ahead

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DOGE Bulls in Charge
  • DOGE bulls drive demand as market cap and trading volume surge.
  • Aroon and MACD signals suggest a bullish trend in DOGE.
  • A break above the resistance level may signal further upside potential.

Dogecoin (DOGE) bulls have been in charge during the last 24 hours, effectively manipulating the price between a high of $0.07748 and a low of $0.07213. DOGE is up by 3.58% and reached $0.0749 as of press time, indicating the bulls’ power.

During the upturn, market capitalization and 24-hour trading volume surged by 3.34% and 107.90%, respectively, to $9,929,786,712 and $713,540,403. This increase reflects the increased interest and demand for DOGE as more traders and buyers enter the market in the expectation of profiting.

The bullish run development might break the 24-hour high of $0.07748, with resistance levels at $0.08 and $0.10. But, if the bulls succumb to bearish pressure, the support level may be challenged. If the $0.07213 level is breached, the next support level might be around $0.06875, the last consolidation range low.

DOGE/USD 24-hour price chart
DOGE/USD 24-hour price chart (source: CoinMarketCap)

The Aroon up reading of 64.29% and the Aroon down reading of 21.43% suggests that the DOGE market is experiencing a strong uptrend with bullish momentum. However, there is still some potential for downside movement in the near future.

The difference between the Aroons of up” and “down” is relatively large, indicating that the bullish trend may continue. However, traders should still be cautious and monitor any potential changes in market conditions.

With a Klinger Oscillator reading of -72.727K and moving below its signal line, the sell” signal is confirmed, suggesting that traders may want to consider short positions or taking profits on long positions. This anticipation is because this motion indicates a bearish trend in the market is on the horizon.

DOGE/USD chart
DOGE/USD chart (source: TradingView)

With a moving average convergence divergence (MACD) reading of 0.004 and moving north above its signal line, the bullish momentum in the DOGE coin seems to be gaining strength. However, traders should keep an eye on the resistance level at $0.07748, as a break above this level could signal further upside potential.

The histogram movement in the positive territory suggests that buyers are gaining momentum, and the price may continue to rise if they maintain control above the resistance level.

Backing this bullish momentum is the Relative Strength Index (RSI) motion above its signal line with a reading of 52.34 which suggests that the buying pressure is currently stronger than the selling pressure and there may be further upside potential in the near term.

However, if the RSI moves below its signal line or into the overbought region, it could indicate a potential shift in momentum and a possible trend reversal, which would signal traders to reassess their positions and adjust their strategies accordingly.

DOGE/USD chart (source: TradingView)
DOGE/USD chart (source: TradingView)

DOGE bulls continue to dominate the market, with strong uptrend momentum and potential for further gains, but traders should remain cautious and monitor market conditions.

Disclaimer: The views, opinions, and information shared in this price prediction are published in good faith. Readers must do their research and due diligence. Any action taken by the reader is strictly at their own risk. Coin Edition and its affiliates will not be liable for direct or indirect damage or loss.