MEME coins have all gained twenty pips, can Dogecoin DOGE keep up with the rise?
After forming a base above $0.1050, Dogecoin price started a sharp increase. Dogecoin broke the $0.1150 resistance level and entered the positive zone like Bitcoin and Ethereum. The price even climbed above $0.120 and the 100 hourly simple moving average.
A high was formed at $0.1264 and the price is currently consolidating gains above the 23.6% Fibonacci retracement level of the upward move from the $0.1167 swing low to $0.1264 high.
Dogecoin is currently trading above the $0.1220 level and the 100 hourly simple moving average.
There is also a key bullish trend line formed with support at $0.1195 on the hourly chart of the DOGE/USD pair. If there is a new rise, the price is likely to face resistance near $0.1265.
Overall, despite some bearish signals, technical indicators and market dynamics show that DOGE is expected to continue to rise.
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If the key resistance level is broken, investors may see memecoin hit new highs in the coming weeks.
