Dogecoin, the world’s largest memecoin, is making headlines as its price skyrockets. In the last 24 hours, the price has increased by 6% to reach a new high of $0.0979. Traders are buying up the popular cryptocurrency in large numbers, leading to a surge in buying pressure. With a market capitalization of around $13 billion and a 24-hour trading volume of approximately $690 million, it’s no wonder that investors are eager to get in on the action.
The 1-hour chart of Dogecoin looks particularly bullish, as the crypto-pair is trading at $0.0979 with a nearly 6% increase in the last 24 hours and an 11% increase in the last seven days. This suggests a strong bullish sentiment in the market and the bearish pressure of the past week has been replaced by bullish action.
The technical indicators of Dogecoin suggest that the market is currently being dominated by bulls. The MACD line is trading above the signal line and the 100-EMA line is above the 200-EMA line. The RSI of Dogecoin is 60.86, indicating that the market is in overbought territory.
When looking at the 4-hour chart of DOGE, it is clear that the coin is in a strong uptrend. The support level is now at $0.09154 and there is a strong resistance at the psychological level of $0.10. If this level is broken, it is expected that the price will continue to rise. The MACD line is above the signal line, indicating a strong bullish trend. The RSI index is currently at 53.75 and shows a neutral market that is not overbought or oversold.
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In conclusion, Dogecoin appears to be very bullish in the short-term as the bulls control the market. The price of DOGE is in an upward trend and the bulls have pushed the price up in the last 24 hours. A small correction may occur in the coming hours, but the overall trend is likely to remain positive.