🔥💥Dogecoin Rally Intensifies: Eyes Turn to Historic New Highs
After retreating from its current high of $0.22960, the #Dogecoin (#DOGE ) price looks like it hasn't been done yet, with memecoin bouncing back and heading towards its current high.
Dogecoin Price Technical Analysis
Dogecoin is one of the few memecoins that has captured the hearts of many crypto investors. Like Shiba Inu and Pepecoin (PEPE), Dogecoin is supported by a strong and exciting community that has played a major role in its success to date.
At the time of writing, the DOGE price was trading around $0.19713 and has increased by over 5% in the last 24 hours. Also, the price is currently trading above its 4-day moving average with a very strong upward momentum in the 100-hour time frame.
The MACD indicator in the 4-Hour time frame indicates an upward increase. This is because the MACD line, which is moving below the zero line, and the MACD signal both intersect and move towards the MACD zero line.
If the MACD line and the MACD signal line manage to cross above the MACD zero, Dogecoin can go higher to create a new high. By the way, the MACD histogram is already hovering above the zero line, which indicates bullish momentum. Dec.
The Relative Strength Index (RSI) in the 4-Hour time frame also shows upward bullish momentum, as the RSI signal line has risen above the 50% level and is heading towards the overbought zone. According to the RSI indicator, the strength of the upward movement is still very strong, as buyers are still very active in the market.
Potential Pullback to the Downside
Taking into account the previous fluctuation of the price, two main resistance levels and one main support level were created around $ 0.22960, $ 0.2244 and $ 0.19622, respectively. If the DOGE price manages to break above the resistance level of the $0.22441 level, it can move even higher towards the $0.22960 resistance level.
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