The Rise of Dogecoin: Bulls Gaining Momentum
The cryptocurrency markets are undergoing a significant shift in momentum, with the bulls gaining the upper hand. Despite remaining under bearish influence in recent months, Dogecoin has shown signs of strength as the bulls gather momentum. While the token has not yet surpassed the 30-day high of $0.2, the current trade setup suggests that the bulls are gaining strength and keeping the DOGE price within an accumulated range. With a market capitalization of $27 billion and a 45% increase in volume, Dogecoin’s price remains elevated, indicating the growing dominance of the bulls.
The Memecoin Space: Dogecoin’s Dominance
In the memecoin space, Dogecoin continues to reign as the top token, despite facing competition from newcomers like Shiba Inu and Pepe. Although its growth has been limited compared to other tokens, Dogecoin maintains its position as the leading memecoin. Data from LunarCrush reveals that Dogecoin remains dominant in terms of social activity, with market participants optimistic about its potential to surpass its all-time high and establish a new one.
Technical Analysis and Price Forecast
Currently, Dogecoin is testing a strong resistance zone near $0.183 after forming higher lows in a bullish ascending triangle. A breakout from this level could trigger a fresh upswing, with the next target at $0.188. The chart indicates the possibility of a further rise towards the upper resistance levels between $0.1927 and $0.1992. However, the technical indicators suggest a potential pullback or extended consolidation below the resistance, as the RSI shows a bearish divergence and the CMF struggles to rise above the resistance.
Despite these short-term challenges, the bulls are expected to maintain the upward trend, with Dogecoin poised to continue its ascent towards $0.2. However, breaking through the key resistance at $0.192 will be crucial for Dogecoin to achieve this milestone.