The extended tail on Dogecoin's February 1st candlestick indicates that bulls were actively buying up the dip, demonstrating their bullish sentiment.
TECHNICAL INDICATORS:
On the daily chart, a Double Top Pattern is visible
DOGE is trading above 20, 50, 100, and 200 day moving averages
On the four-hour chart, Dogecoin is trading within an ascending parallel channel
that the meme coin has been on an upward trajectory for the past 24 hours. This surge in value is a promising sign for investors, as the digital asset continues to gain traction in the crypto market.
Dogecoin is gaining traction above the $0.090 resistance against the US Dollar, with the potential for further gains if the $0.099 resistance is broken. After establishing a strong foothold above the $0.080 zone, Dogecoin's price has been steadily climbing, surpassing the $0.082 and $0.085 resistance levels and setting the stage for further upside.
The bulls drove the price above the $0.088 resistance zone, propelling it into the green. The price breached the $0.095 and $0.098 levels successfully, and heading towards the $0.100 mark. However, the bears were active near the $0.099 and $0.100 resistance levels and the price fell below $0.0950, Currently, the price is consolidate its gains above $0.094.
The price of Dogecoin is currently trading above the $0.0930 zone and the 100-hour simple moving average, indicating a strong bullish trend. Furthermore, a key bullish trend line is forming with support near $0.0920 on the 4-hour chart of the DOGE/USD pair, suggesting that the uptrend is likely to continue. This is a positive sign for investors, as it indicates that the price of Dogecoin is likely to remain above the $0.0930 level in the near future.
On the upside, the price is facing resistance near the $0.0960 level, with the first major hurdle being near the $0.0980 level. A decisive break above this level could potentially propel the price towards the $0.1000 resistance. If the bulls can muster enough strength to push the price beyond this level, it could open the door for a further surge towards the $0.1120 level.
If Dogecoin fails to gain traction above the $0.0960 level, it could trigger a downward correction. The first support level is close to the $0.0925 mark, while the next major support is near the $0.0900 level. If the price remains below the $0.0900 support, it could continue to decline, potentially dropping to the $0.0850 level.
According to Price Analysis, this DOGE market capitalization is expected to be $12,491,171,329. The coin's 24-hour trading volume is around $693,610,656. The market capitalization of DOGE has risen by 2.04%. During intraday trading, however, transaction volume rose by 5.76%.
KEY LEVELS :
RESISTANCE LEVEL : $0.09600-$0.1000
SUPPORT LEVEL : $0.09000-$0.08600
Is there going to be a meme coin rally this weekend? Prices for SHIBA and DOGE look to be on the verge of a bullish rise. What are your opinions? Please leave your thoughts in the comment section below.
