Dogecoin surges: Bulls take the lead as price surges by nearly 17%, $0.26 within reach?
Dogecoin (DOGE) has undergone a notable uptrend, with its value increasing by an impressive 17% in the past three days. After falling below its 20-day moving average, Dogecoin quickly rebounded, showing strong bullish momentum.
Although bears struggled to challenge the emerging bullish sentiment after reaching a new swing high, bulls quickly regained control of the situation using the dynamic support provided by the 20-day moving average and the previous breakout area. The revival of buying pressure effectively offset the selling momentum, confirming the current uptrend.
Technical analysis shows that Dogecoin continues to establish higher highs and higher lows with the continued support of the 20-day and 50-day moving averages, signaling a positive path ahead. Of particular note, Dogecoin's rebound on the daily chart after a minor correction in February indicates a bullish short-term and long-term outlook.
Analysis of social volume shows an upward trend, with social media engagement rising significantly in February. Although the total number of social exchange users declined slightly in early April, recent trends indicate a pick-up in engagement, which bodes well for Dogecoin’s social dominance.
From a technical perspective, Dogecoin’s RSI and SMA lines confirm the bullish sentiment, comfortably above the moving averages. This further strengthens the positive outlook for Dogecoin’s short-term performance. Looking ahead, analysts expect that if the bullish momentum continues, Dogecoin could reach a high of $0.260, while a break below the $0.175 support could cause Dogecoin to drop to $0.122.
