Despite a slight retreat from its recent peak at $0.22960, Dogecoin (#DOGE) appears poised for further gains, with the meme coin rebounding and aiming to surpass its previous high.
Technical Analysis of Dogecoin Price: Dogecoin has captured the attention of numerous crypto investors, standing out among meme coins like Shiba Inu and Pepecoin (PEPE) due to its vibrant and dedicated community. This community has been instrumental in driving Dogecoin's success thus far. At the time of writing, DOGE was trading around $0.19713, marking a more than 5% increase in the past 24 hours. Moreover, the price currently sits above its 4-day moving average, demonstrating robust upward momentum in the 100-hour timeframe.
Analysis of the MACD indicator in the 4-hour timeframe suggests an upward trend, as both the MACD line and the MACD signal line are converging towards the MACD zero line from below. Should these lines cross above the MACD zero line, Dogecoin could surge to establish a new high. Additionally, the MACD histogram already hovers above the zero line, indicating bullish momentum.
The Relative Strength Index (RSI) in the 4-hour timeframe further reinforces bullish sentiment, with the RSI signal line climbing above the 50% level towards the overbought zone. This suggests strong upward momentum, with active buying activity in the market.
Potential for Downside Pullback: Considering past price fluctuations, two key resistance levels and one primary support level have formed around $0.22960, $0.2244, and $0.19622, respectively. If DOGE manages to breach the $0.22441 resistance level, it could ascend further towards the $0.22960 resistance level.