Benchmark meme token Dogecoin (DOGE) is driving an altcoin market surge, gaining 140% in the last seven days.
formation would provide an opportunity to grab a high-momentum rally.
The daily candle is currently bearish, indicating a significant likelihood of an upswing continuing this week.
DOGECOIN the most profitable moment for meme currencies in 2022, the largest meme coins have seen double-digit returns. The DOGE remains one of the most trending coins this week and attracts more buyers in the market. As of now, the meme coin trades at $0.1440 and shows an intraday gain of 18.50%.
On the daily chart of the DOGE/USD pair, there was a break above a major bearish trend line with resistance above $0.07000. The pair rallied more than 100% and broke through many barriers at the $0.10000 level. It even surpassed $0.1200 and went as high as $0.15150.
It just began a downward fall below the $0.1350 level. The price was trading below the 23.6% Fib retracement of the latest rally from the $0.05510 swing low to the $0.15150 high.
After taking 100 day MA support near the $0.11000 Doge price started recovery and breached the $0.13000 level as well as Hourly 9 day simple average, currently the DOGE is trading above the $0.14000 level.
A daily candle closing above this resistance level would provide a stronger base for buyers to extend the bull run. As a result, with further purchasing, Dogecoin might reach the next resistance level of $0.17200.
On the Hourly chart, DOGECOIN breached the descending triangle pattern as well as consolidation phase. As the chart indicates, a probable bull might break the 0.15150 resistance level and take DOGE to new high.
According to Price Analysis, this DOGE market capitalization is expected to be $18,791,631,584. The coin's 24-hour trading volume is around $6,438,751,147. The market capitalization of DOGE has risen by 14.82%. During intraday trading, however, transaction volume declined by 11.56%.
An immediate resistance barrier on the upside is around $0.15150. The first significant barrier is created at $0.16100. The biggest resistance level is currently around $0.17100. If the price breaks through $0.17100, it may begin a rapid rise. The price might gradually rise towards $0.18500 in the scenario indicated.
DOGE may begin to fall if the price does not rise above $0.15150. On the downside, $0.13200 is an immediate support level. The major support level is near $0.12300 and the hourly 50 simple moving average. A break below $0.12300 might signal the beginning of a new decline towards $0.011000 and the hourly 100 simple moving average.
DOGE remains one of the best best-performing cryptocurrencies this week, and it has buyers' attention. However, the rebound seen in the last hour indicates that the bulls are ready to break levels. So, will the Dogecoin price break over the barrier of $0.15150 this week, or will it reverse? Please comment whether you've invested in this MEME at lower levels?
