Can DOGE Break the $0.25 Ceiling by Month End?
- DOGE currently trades around $0.20.
- The meme coin has seen $18.83 million in liquidations.
The meme coin market today is up by over 2.2%, pushing the market cap to $70.6 billion. In the charts, both green and red candles are lit. Among the pack of meme coins, the dog-themed Dogecoin (DOGE) has spiked by over 1.14%. If the bulls regain the lost momentum, the meme coin can reclaim the recent gains.
DOGE traded on the upside in the early hours, within the high range of $0.2129. With the upward strength beginning to wane, the price has slipped toward a low level of $0.1973. At the time of writing, DOGE trades at around $0.2012, with its market cap settled at $30.18 billion.
Also, the daily trading volume of the meme coin has surged by over 34.31%, reaching $3.34 billion. Furthermore, the market has observed a liquidation of $18.83 million worth of DOGE during this timeframe, as per Coinglass data.
Notably, the Ali chart shows that Dogecoin currently tests the $0.19 level as its key support. If it holds above this range, it builds up the chances for a move toward the $0.25 resistance zone. A failure could drop the price back to its previous support zones.
What is Ahead for DOGE in the Coming Week?
DOGE’s recent trading session demonstrates a brief upward correction. If the momentum gains strength, the meme coin might push its price toward the nearby resistance range at $0.2017. If the asset could break above this mark, a golden cross could emerge. Thus, the bulls would drive the price beyond $0.2023.
On the downside, assuming the meme coin bears took the upper hand, the immediate $0.2007 support might be tested. A steeper plunge could solidify the bears and lead to the formation of a death cross. With the bearish pressure, a deep correction may likely send the DOGE price below the $0.20 zone.
Moreover, the four-hour technical analysis of the meme coin unveils that the Moving Average Convergence Divergence (MACD) line has crossed the signal line briefly. This crossover generally implies the uptrend, but the momentum is not strong enough to last, and the price may not move up. Besides, DOGE’s Chaikin Money Flow (CMF), sitting at 0.18, is a positive sign that the money is flowing in and buyers are stepping up.
The ongoing market sentiment of the meme coin is in the bullish zone and might approach the overbought territory, with the daily relative strength index (RSI) found at 66.24. Additionally, DOGE’s Bull Bear Power (BBP) reading of 0.00880 signals a weak bullish upper hand in the market that could shift quickly.
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
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