- DOGE hits $0.17 after surging more than 5%.
- Daily trading volume has skyrocketed by 302%.
The Meme coin market cap has jumped by over 4.5%, reaching $59.9 billion. This brief bullish correction has caused the major assets to enter the green zone. Meanwhile, the dog-themed meme coin, Dogecoin (DOGE), has shifted its momentum toward an ascending pattern.
If DOGE could hold its ground at a crucial resistance range, it would prevent further correction on the downside. The meme coin’s price has recorded a gain of over 5.6% in the last 24 hours. As per CMC data, the asset has managed to climb toward a high of $0.1767 from its bottom trading level of $0.1633.
At press time, DOGE traded at around $0.1725, with its market cap reaching $25.88 billion. Meanwhile, the daily trading volume has skyrocketed by over 302%, touching $1.48 billion. Furthermore, the market has experienced a 24-hour liquidation of $8.45 million worth of Dogecoin, as reported by Coinglass data.
Will DOGE Hold the Gains?
DOGE’s four-hour price chart reveals a positive outlook, and the price is expected to climb and break above the $0.1734 range. With the extended bullish correction, the meme coin could invite the golden cross to emerge. Later, the price might move up and test the resistance at the $0.1745 mark.
However, if the meme coin’s bearish pressure awakens, it might likely pull back the price below the $0.1719 zone. Further downside correction could strengthen the bears and initiate the formation of a death cross. The DOGE price could likely fall steeply and retest the $0.1708 support level.
Additionally, the meme coin’s Moving Average Convergence Divergence (MACD) line is currently settled above the signal line, which implies a bullish momentum. It may also result in its upward price movement. DOGE’s Chaikin Money Flow (CMF) indicator is found at -0.06, hinting at a mild selling pressure, with money flowing out of the asset, reflecting cautious sentiment in the market.
The meme coin’s daily Relative Strength Index (RSI) is positioned at 63.61, indicating bullish momentum, and the asset may be approaching the overbought zone, with the chance of a potential continuation of the uptrend or a reversal. Besides, the Bull Bear Power (BBP) value of DOGE is at 0.01017, which suggests the bullish upper hand.
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