Dogecoin Price Turns From Support: Is A Pump Around The Corner?

• The Dogecoin price showed a pullback from the red support area.
• Technical analysis suggested another bullish pump looming.

Dogecoin price has rebounded from the red support area and given a hint of taking off from the short consolidation period. This week, Dogecoin has constituted a mini-basing pattern and was poised for a bullish pump. A daily close above the $0.4300 mark would mark a next bullish leg up.

Over the last five days, Dogecoin’s price has pumped up by over 15% and has stayed uncharted territory. Amidst the bullish sentiment, bulls have persisted in accumulation and are eyeing to catch $0.500 next.

The all-time-high zone was still 48% away from the current price levels. However, the DOGE crypto price has triggered a massive breakout on the monthly charts. Furthermore, we could see a follow-through in the following sessions.

Dogecoin’s Bullish Momentum: What Lies Ahead?

When writing, the Dogecoin price traded at $0.3902, noting an intraday rise of over 0.90%. Its market cap rose to $57.30 Billion, ranking 7th among the top crypto coins. The pair of DOGE/BTC was at 0.00000420 BTC, and the total supply was at 146.87 Billion.

In a recent tweet, Rekt Capital cited that the DOGE crypto has positioned itself near key resistance levels. This happened as it sought to crack through resistance levels that critical support and resistance levels and continue the trend.

According to the analyst, the Dogecoin price has risen from its red support region. Also, a Daily Close above the blue highs would likely allow for trend continuation for DOGE. This is a sign that the red zone remains an area of demand, the landing pad on which Dogecoin has soared.

The DOGE price has rebounded from the 61.8 Fib support zone. Its trading volume spurt over 29% to $11.58 Billion over the past 24 hours. Dogecoin’s active address data showed a massive rise, indicating increased use and engagement within its network.

Data from BitInfoCharts revealed that more than 1 million addresses are active on the chain at press time.

Dogecoin Price Prediction: Will Bulls Maintain Their Dominance?

Dogecoin price prediction conveyed a bullish stance. The price reached the highest pivot since May 2021, driving bullish momentum. The price action signified massive buyer accumulation activity and heightened long buildup over the past few sessions.

DOGE’s Relative Strength Index (RSI), which measures its overbought and oversold market conditions, was in an uptrend at press time. This indicated that buying pressure outweighs selling activity among DOGE market participants.

The Chaikin Money Flow (CMF) indicator valued around 0.20 at press time, highlighting the bullish cues. Furthermore, the Dogecoin price was expected to stretch the bullish momentum. If buying pressure remains strong, the altcoin could reach the $0.5000 mark shortly.

A successful breakthrough at this level would pave the way for DOGE toward the ATH levels of $0.7376. However, if profit booking triggers and a rejection occurs, DOGE’s price may reverse. The coin could retrace to its support level at $0.3000 in such a scenario.

Disclaimer

In this article, the views, and opinions stated by the author, or any people named are for informational purposes only, and they don’t establish the investment, financial, or any other advice. Trading or investing in cryptocurrency assets comes with a risk of financial loss.