Can DOGE exhibit bullish run?
Presently, momentum indicators like the Directional Movement Index highlight strengthening upside forces. The +DI and -DI lines continue pointing optimistically upwards and diverging, typically preceding sharp bullish breakouts, replicating what occurred during 2021’s parabolic run.
As such, analysts maintain their conviction that an imminent spike through channel resistance appears achievable despite recent lethargy. Any decisive daily or weekly close beyond the 200-day MA and psychological $0.10 mark risks unleashing immediate FOMO back towards’$1.10 resistance thereater.
Markedly different from previous failed upside attempts, this test aligns with broadly improving market sentiment and risk appetite tailwinds. So traders cannot fully rule out this go around catalyzing the long-stalled Dogecoin mania, which finally sustained enough to lift off significantly.
With Bitcoin consolidating after steep gains, capital tends to rotate into riskier assets, perhaps foreshadowing such an outcome for DOGE if key levels get reclaimed.
Failure nonetheless reintroduces downside threats from disappointed bulls trapped at resistance. But with positive signs shining through the noise, Dogecoin looks ready to awaken from its slumber sooner rather than later.
$BTC $DOGE
