As #Dogecoin 's Rally Gains Steam, Its Targets Reach New Heights
The price of Dogecoin (DOGE) has retraced from its recent high of $0.22960, but it seems that the memecoin is not quite finished as it has rebounded and is heading back toward its current high.
Among the various memecoins, Dogecoin has won over a lot of crypto investors. A vibrant and supportive community has been crucial to Dogecoin's development so far, much like Shiba Inu and Pepecoin (PEPE).
With a gain of more than 5% in the last day, the price of #DOGE was trading at about $0.19713 as of this writing. In addition, there is a great deal of positive momentum in the 4-hour period, and the price is now trading above the 100-day moving average.
On a 4-hour timescale, the MACD indicator points to a rising spike. The reason for this is that the MACD line and the MACD signal, which were both going below zero, have crossed and are now traveling in the direction of the zero line.
With the RSI signal line crossing above the 50% level and going into the overbought zone, the 4-hour period of the Relative Strength Index (RSI) likewise shows positive momentum toward the upward direction. Buyer activity in the market is still high, as seen by the RSI indicator, which means that the upward momentum is still quite strong.
In light of the price's prior increase, a significant support level was established at $0.19622, a large resistance level at $0.22960, and a key intermediate level at $0.2244. There is potential for DOGE price to continue its ascent toward the $0.22960 level of resistance if it breaks through the $0.22441 level of resistance.
If the price can manage to break above this level, it can then proceed to soar higher, setting a new high. If the price is unable to overcome this level of resistance, it may resume its decline toward $0.19622, which was its last support. A fresh negative trend, however, might be set in motion if prices drop below the $0.19622 mark.
