- DOGE’s price is attempting a new rally that could be an explosive move.
- The meme coin’s price has been in a multi-year downtrend.
- Daily technical indicators show that DOGE is ready to make a bullish move.
The price of the meme coin, Dogecoin (DOGE), is showing early signs of a potential explosive move after the end of a multi-year downtrend. Investors need to keep an eye on DOGE as it attempts another rally.
DOGE’s price was on a steady downtrend after it established an all-time high (ATH) at $0.739 in May 2021. Furthermore, a trend line connecting the meme coin’s swing highs showed that DOGE was in a steady decline, subsequently hammering every bullish attempt.
Come late October, things changed for DOGE as its price rallied 163% in under two weeks – shattering the multi-year downtrend. After setting up a local top at $0.158, DOGE slid 55% and formed a higher low at around $0.07713.
The new higher low was followed by a 56% upswing, where DOGE’s price faced resistance at $0.109.
DOGE’s price was unable to overcome the resistance level and retraced back down to the daily 9 EMA level.
At press time, the price of DOGE is trading at $0.1037 following a 4.06% gain over the last 24 hours. This is according to the crypto market tracking website, CoinMarketCap. DOGE has also strengthened against the two crypto market leaders, Bitcoin (BTC) and Ethereum (ETH), by 4.32% and 6.69% respectively.
There are still signs of a large bullish move for DOGE present on its daily chart. The first technical indicator that signals bullish sentiment is the daily RSI line which is positioned above the daily RSI SMA line. Furthermore, the slope of the daily RSI line is positive towards overbought.
The second bullish technical flag is the daily 9 EMA positioned above the daily 20 EMA line. If the bullish thesis plays out, then DOGE’s price could rise to as much as $0.181 or $0.190.
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