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- Dogecoin price has increased 7.51% during the weekly trading session.
- Technical indicators summary suggests a bullish signal in the current phase.
- DOGE crypto market cap ranks in the top 10 most dominant cryptocurrencies in the world.
Dogecoin (DOGE) is a dog-themed memecoin forked from Litecoin in December 2013. Based on the famous “doge” internet meme, the developers envisaged it as a fun, light-hearted cryptocurrency. Conversely, the DOGE crypto price has been showing tremendous potential these days. The dog-themed crypto has captured the attention of many fun-loving crypto investors, which can be seen in the current month.
Dogecoin Crypto Attracting Buyers, Crypto Whale Woke up
Like many popular cryptocurrencies, Dogecoin also captured the attention of many memecoin lovers in February 2024. The crypto has delivered 48.90% positive profitability in Feb and 88.14% in Mar 2024. These months became the investment arena for investors and traders.
However, the bullish correction phase can be seen in April 2024, which resulted in a 39.60% decline in price value. However, the buyers, on the other hand, weren’t affected by that drop, showing their trust in this particular cryptocurrency. A recent activity has also shown the activation of a dormant address, which is as follows;
A dormant address containing 893,303 #DOGE (147,524 USD) has just been activated after 10.4 years!https://t.co/iUi27LPA3b
— Whale Alert (@whale_alert) May 22, 2024
According to the @whale_alert X account, a dormant wallet address that has been deactivated for 10.4 years got a wake-up call. The address contains 893, 303 #DOGE worth $147.52. It could be a positive indication of upcoming price hikes. The crypto price is also recovering the correction phase in the current month.
Technical Analysis of the Dogecoin (DOGE/USD) Crypto
The current price is moving above the key exponential moving averages (EMAs), reflecting a bullish trend. The price has rebounded the 50-day EMA from below, indicating a solid uptrend continuation.
DOGE price has given a breakout from a descending triangle pattern at $0.1488. The current price is hovering below the $0.1698 upper consolidation range. In the last two trading sessions, the sellers tried to push the price down but didn’t possess enough strength based on current statistics. Dogecoin crypto is reflecting a bullish outlook at the present moment as per the price action analysis.
Furthermore, the relative strength index (RSI) shows strong bullish momentum in the current phase. The RSI line has consistently supported the SMA line, indicating the bulls’ domination. The RSI is moving at 57.61 above the SMA line.
Summary
DOGE crypto price has experienced a correction phase since March 29, 2024. The bullish correction phase reflected negative remarks on price, which resulted in a decline of over 45% to the $0.1256 demand zone. Subsequently, the buyers showed strong bullish strength in that demand zone, resulting in the breakout descending triangle. The Dogecoin price has reflected a bullish view based on the price action analysis.
Technical Levels
When writing, the immediate resistance level of DOGE was $0.1698, and the $0.1159 level was the next support. If the price closes above the upper resistance, a sharp short-term rise in price can be expected. Similarly, a drop below the aforementioned support level can lead to a price pullback to the lower levels.
Disclaimer
The views and opinions stated by the author or any people named in this article are for informational purposes only. They do not establish financial, investment, or any other advice. Investing in or trading crypto or stock comes with a risk of financial loss.
