- DOGE trades at $0.1267 after registering 11% gain in the last 24 hours.
- Dogecoin is approaching a key trend line resistance.
The meme coin, Dogecoin (DOGE) has witnessed a steady shift from the downtrend. The ongoing price momentum of DOGE suggests a growing bullish trend. In the last 24 hours, the meme token gained over 11.75%.
The current price oscillation might take the DOGE price ahead. Looking at the intra-day trading, the meme coin hit a high of $0.1283, and a low of $0.1105. At the time of writing, DOGE trades at $0.1267 with its daily trading volume increased by 96% to $2.11 billion, as per CMC data.
Meanwhile, market analysts suggest that Dogecoin is approaching a key trend line resistance on its daily chart. If the price breaches the resistance, it might push the token towards a crucial bullish rally, and that drives the price up by 100% to 200%.
On the other side, an analyst states that DOGE seems to follow the same pattern as the previous cycle. The pump of the asset began with four green weeks followed by two red ones.
What Lies Ahead for DOGE?
DOGE was in positive momentum over the last thirty days. It rallied over 24%, hitting a high of $0.1309. The meme coin continues to trade upside, gaining 14.60% in the last week. The week started trading in red, the asset slipped to a low of $0.1036.
The four-hour technical chart of DOGE shows the Moving Average Convergence Divergence (MACD) line positioned above the signal line, inferring a positive trend in the market. Moreover, the daily relative strength index (RSI) is sitting above 75. The short-term 9-day moving average is found above the long-term 21-day moving average.
Meanwhile, DOGE has breached its significant resistance level at $0.1234. If the upside correction persists, the meme coin will likely test the nearby resistance at $0.1289 and might trigger a rally forward. Conversely, if the token fails to withstand the upside momentum, DOGE may slip to its recent low at $0.1177.
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