Dogecoin (DOGE) is currently trading at $0.1267 after experiencing an 11.75% increase in the past 24 hours. The price of DOGE reached an intraday high of $0.1283 and a low of $0.1105, with a surge in trading volume by 96%, hitting $2.11 billion according to CoinMarketCap (CMC). This price rise signals a bullish trend, although DOGE is approaching a key trend line resistance on its daily chart.
Market analysts suggest that if DOGE breaks through this resistance level, it could trigger a significant bullish rally, potentially pushing the price up by 100% to 200%. Conversely, if the momentum fails, the price might drop to its recent low of $0.1177.
Technical indicators like the Moving Average Convergence Divergence (MACD) show a positive market trend, with the MACD line above the signal line. The Relative Strength Index (RSI) is also above 75, signaling strong buying pressure. Additionally, the short-term 9-day moving average is positioned above the longer-term 21-day moving average, further indicating a bullish trend.
DOGE has already breached its significant resistance level at $0.1234, and if this momentum continues, the next resistance level at $0.1289 could be tested.
