Although most of the crypto markets remain bearish since early November, Dogecoin (DOGE) has been able to sustain its position by registering a 1.83% rise in the last 7 days. While the market cap declined by 2.85% to reach $11.60 billion in the last 24 hours, DOGE surged by 2.2% during the last 24 hours. However, at a circulating supply of 132.67 billion, the 43.48% plunge in DOGE’s 24 hours trading volume increases the reversal possibility.
Source: Tradingview
Breaking above the $0.090 resistance, DOGE price actions maintain the bullish trend as buying spree continues. While DOGE prices pulled back from the 200-day SMA at $0.087, several low price rejection candles indicate another swing entry opportunity in the uptrend. Respecting the $0.075 support, after consolidating between the range of $0.086 and $0.086, DOGE prices witnessed a bullish breakout at $0.088, opening multiple entry opportunities for sideline traders. If the bullish momentum continues, DOGE may cross above $0.010 to make resistance at $0.150. On the contrary, if DOGE fails to maintain the bull cycle, it may again take support at $0.075.
Moving above the 14-day SMA, at 55.75 the RSI is showing a buying signal to the traders while making a bullish divergence, representing bullish sentiment in the market. On the other hand, MACD begins showing another upswing while making a bullish crossover along the halfway line as the histogram bar again turns bullish.
The technical indicators show a bullish trend in the market with RSI crossing above the overbought zone multiple times, while the bullish MACD histogram indicates another bull run.