Dogecoin Dominates Meme Coin Price Surge

Dogecoin (DOGE) has recently been leading the rise of meme coins, with its price showing an upward trend and confirming a bottom level at $0.1290. Other cryptocurrencies such as Shiba Inu (SHIB), Pepe (PEPE), Dogwifhat (WIF), and Floki Inu (FLOKI) have also shown double-digit gains and begun to rise during this period.

For investors looking to take a long-term position on DOGE, it’s important to note that the price is at a significant turning point. However, caution is advised as the price has not been moving steadily above the center line of the Bollinger indicator recently, which could indicate a change in momentum and the potential for a downward trend reversal.

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The Relative Strength Index (RSI) is showing signs of increasing momentum, fluctuating around the average level of 50. This could indicate that there is no strong trend in the market.

Dogecoin Price Analysis

DOGE bulls are attempting to push the price above the $0.1498 center line of the Bollinger indicator and confirm this with a clear move above the average 50 level of the RSI. If successful, a buying signal could form. However, it may be more prudent to wait for the price to retest above the center line and confirm a higher level on the RSI.

If the price rises above the $0.1649 resistance level, it could encourage more buying demand and help it move beyond the $0.1800 threshold. In a very bullish market, the price could even extend its gains to the $0.2000 psychological level or higher to the $0.2288 range.

Read Also: Is Dogecoin’s Recent Performance Indicative of a $0.20 Rebound?

On the other hand, a pullback from the center line to $0.1498 could lower the price. Losing the $0.1290 support level could be concerning. However, it’s worth noting that upward momentum would only be invalidated by a daily close below $0.1151.

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Kayode Michael is a seasoned cryptocurrency analyst, successful trader, and skilled writer with a strong command of cryptocurrency analysis and price action. He leverages his technical analysis skills to provide valuable insights into emerging market trends and potential opportunities for investors to make informed decisions.