Dogecoin (DOGE) Jumps Last Week, Bullish Sentiment Remains Strong
Last week, the price of Dogecoin (DOGE) surged due to strong bullish sentiment, leading to even more excitement for a potential bull run.
- It is important for DOGE's price to stay above $0.1 in order for there to be a chance for the price to rally to a higher region, such as $0.15.
- It seems like the hopes of DOGE's price rallying higher are dwindling, as it continues to trend above the key support level of $0.1. While this level of support has held strong so far, it remains to be seen how long it will last.
- Dogecoin's price continues to be strong, holding key support on the daily timeframes. The price is trading above the 50 and 200 Exponential Moving Averages (EMA), indicating that the market remains bullish on the coin.
I remain bullish on Dogecoin (DOGE) despite the mixed feelings in the market this week. The coin has shown incredible resilience and has continued to rally even in the face of bearish sentiment. I believe that the coin still has a lot of upside potential and could reach the $0.2 region in the near future.
Dogecoin Price Analysis: DOGE on the Rise Again?
The past week has been incredibly bullish for the cryptocurrency market, with many altcoins seeing gains of over 200%. This breakout from range-bound movement is seen as a sign of renewed hope and faith in the space, and many believe that this is just the beginning of a larger uptrend. With the market showing signs of life once again, it is sure to be an exciting time for all involved in the space.
The new week hasn't kicked in like the last as most altcoins have begun to look shaky, dropping off from their weekly highs. Ethereum (ETH) and Bitcoin (BTC) have suffered a minor price retracement back to a region of $1,540 and $19,600 respectively, with the price of DOGE finding itself in a somewhat similar position after the price was rejected from the region of $0.15 after rallying from its weekly low of $0.05.
It is clear that the market is not confident in DOGE's ability to sustain its recent rally, as the price has struggled to remain above $0.13. Nevertheless, traders remain hopeful that the coin will be able to reclaim its previous highs, with many expecting a rally back to the $0.15 level in the near future.
It is essential for the price of DOGE to remain above $0.1 if we are to see any chance of a rally up to $0.15 or even $0.2. If the price falls below $0.1, we could see it retesting weekly support at $0.075.
Looking at the weekly chart for DOGE, it seems that the price is currently at a resistance point of $0.15.
I believe that the price of DOGE will continue to rise in the coming weeks, reaching $1 or more.
Price Analysis Of DOGE On The Daily Chart
Looking at the daily timeframe, it appears that DOGE is still going strong as it holds above the critical support level of $0.1. This comes after the price was rejected when it tried to rally to the $0.15 region. Therefore, it seems like DOGE is still a force to be reckoned with in the cryptocurrency market.
It is good to see that the price of DOGE is trading above the 50 and 200 EMA, indicating that a relief rally is possible. However, bears could take over the market if the key support zone is broken.
The DOGE price has been resistance at the $0.15 level for the past few days.
The DOGE price is currently sitting at $0.1, and it looks like it has found some decent support at this level.
