Dogecoin is one of the few meme coins that has captured the hearts of many cryptocurrency investors. Like Shiba Inu and Pepecoin (PEPE), Dogecoin is backed by a strong and exciting community that has played a huge role in its success so far.
As of the time of writing, DOGE is priced at around $0.19755, having gained more than 5% in the past 24 hours. Moreover, the price is currently trading above the 100-day moving average and the bullish momentum on the 4-hour timeframe is very strong.
The MACD indicator on the 4-hour timeframe is showing an uptrend. This is because both the MACD line and the MACD signal, which are trending below the zero line, have crossed over, moving towards the MACD zero line. If the MACD line and the MACD signal line successfully cross the MACD zero line, Dogecoin could move higher and create new highs. Meanwhile, the MACD histogram is already trending above the zero line, which indicates bullish momentum.
The Relative Strength Index (RSI) on the 4-hour timeframe is also showing bullish momentum to the upside as the RSI signal line has broken above the 50% level and is heading towards the overbought zone. According to the RSI indicator, the strength of the up move remains very strong as buyers are still very active in the market. 🐳qun秆崴:tq58956 👈 Potential pullback to the downside Given the previous surge in price, two major resistance levels and one major support level are created around $0.22960, $0.2244, and $0.19622, respectively. If the price of DOGE manages to break above the $0.22441 resistance level, it could rise further towards the $0.22960 resistance level.
At this point, if the price successfully breaks above this level, the price could surge and create new highs. On the other hand, if the price fails to break above this resistance level, the price could start a new downtrend towards the previous support level of $0.19622. However, a break above the $0.19622 level could initiate a new downtrend.
