Analyzing global market trends over the past week shows that many memecoins, including Shiba Inu (SHIB) and Pepe (PEPE), have displayed declines. Even Dogecoin faced some price fluctuations and closed the week at $0.1446 after briefly peaking near $0.17.
However, the daily candlestick chart revealed significant price movements and spikes in trading volume, especially between Oct 29 and Nov 2. During this period, a sharp increase in Dogecoinâs price was observed, followed by a pullback as the week progressed.
Zooming in, the four-hour chart reveals a bullish trend, with the 9-day moving average crossing above the 21-day average. Currently, Dogecoin is trading above both the upper and basis lines of its Bollinger Bands, which further suggests upward momentum.
However, the RSI is nearing overbought territory, which often signals a potential price correction. The TD Sequential indicator also shows a buy signal, hinting at a possible price rebound.
