Dogecoin (DOGE) is back on the bullish track after rallying in double-digits to trade at $0.073 on Thursday. The largest meme coin remained relatively quiet as Bitcoin (BTC) surged to $35,000, triggering remarkable gains across the market.
Selected tokens like Pepe Coin, Floki Inu, Bonk, and Wall Street memes led the meme coins rally, soaring by 85%, 65%, 71%, and 26%, respectively in a week. The two largest meme coins were slow to join the bullish party unit mid-this week when Dogecoin price and Shiba Inu price broke out.
Dogecoin Price On The Move, Eyes $0.1
Dogecoin price is currently on the frontline of the crypto market recovery, up 13% on Thursday based on market data by CoinGecko. While support at $0.058 marked the end of the downtrend, DOGE lacked the momentum to immediately break out above a multi-month descending trendline.
The 200-day Exponential Moving Average (EMA) (purple) also became a stumbling block for the bulls until the final push during the Asian business hours on Thursday.
The Moving Average Convergence Divergence (MACD) indicator reveals that Dogecoin’s bullish outlook is here to stay. Hence, traders yet to long DOGE should consider doing so as long as the MACD upholds the uptrend above the neutral 0.00 area.
Price action above a longstanding falling trendline is usually interpreted to mean it’s the bulls’ turn in the field. Besides, there is a growing possibility of a golden cross pattern coming into the picture with the 21-day EMA (red) flipping above the 100-day EMA (blue).
However, traders should not pass on the chances to lock in the gains, especially with the Relative Strength Index (RSI) on the four-hour chart holding at 80. Such overbought conditions imply that a correction is on the cards.
In that case, any signs of the RSI retreating to the neutral area below 70, should inform traders to close their positions while keeping the course open to buy future dips.
Investors with a long-term view for Dogecoin may want to keep their positions open, at least until Twitter (now X) makes up its mind if the platform will integrate DOGE to power crypto payments.
Elon Musk, the CEO of Tesla and the owner of X, has a special liking for Dogecoin which is fuelling speculations that the platform in its quest to become the “Everything App” will integrate Dogecoin — a move likely to increase demand for the meme coin and trigger a remarkable rally.
The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.