As BTC rebounds to $100,000, the cryptocurrency market is experiencing strong recovery momentum, fueling bullish sentiment among retail investors.
Currently, the global cryptocurrency market cap has reached $3.58 trillion, rising by 1.68% in the past 24 hours. Market activity has surged, with total cryptocurrency trading volume jumping by 30% to $124.78 billion.
Bitcoin's price has exceeded $102,000, while Ethereum, Solana, XRP, and other cryptocurrencies are also following closely. The latest Dogecoin price hovers around $0.393, having increased by 4% in the past 24 hours, approaching the $0.40 mark, indicating potential bullish activity.
Before the market adjusts, can Dogecoin's price rise to $0.50?
The TD Sequential indicator has issued a sell signal on the daily chart of Dogecoin, indicating a potential price correction in the future. Dogecoin is trading around $0.39, showing strong momentum after a recent bullish price trend.
The sell signal (changing from green to red) indicates that buying pressure is weakening. Traders expect a temporary price correction as the market adjusts.
Recent market optimism has driven Dogecoin's surge, with high trading activity pushing prices higher. Analysts believe that the sell signal may be a cooling phase before another potential rebound. Despite the correction warnings, market sentiment around the top meme token remains optimistic.
DOGE is approaching key resistance levels, with bulls targeting a breakout above $0.41.
After the recent upward trend, DOGE has been consolidating around $4.1, so a breakout above $0.41 could lay the groundwork for a new round of rebounds. The current price action suggests a retest of previous resistance levels, indicating growing market interest.
Technical analysis shows that the 4-hour chart indicates the continuation of an upward trend. The Relative Strength Index (RSI) reading is 66.71, close to overbought territory, which could lead to a temporary market correction. The Chaikin Money Flow (CMF) remains positive at 0.03, reflecting sustained capital inflows.
Support levels are at $0.35 and $0.32, providing a safety net in the event of downward pressure. If bears make a comeback, Dogecoin price predictions may see a market correction. If bulls maintain momentum, Dogecoin may test the psychological resistance level of $0.50, which is a key level for further rebound potential.
Overall, driven by market optimism, the price outlook for Dogecoin is positive, with a recent breakout above $0.41, the next step is to aim for $0.50. Investors should closely monitor key resistance and support levels.
