Dogecoin (DOGE) is up 12% today thanks to the overall market rally in cryptocurrency. As of the time of writing, the price of SHIB is trading at $0.1905, with a strong increase of 124% during the same period to $1.56 billion, according to data from CoinMarketCap.
The price surge began yesterday after the U.S. Federal Reserve announced it would keep interest rates unchanged. The market capitalization of DOGE has increased by 5%, currently standing at $28.4 billion. On the daily chart via TradingView, DOGE has formed a descending wedge pattern since February. However, the price spiked at 1:26 EST today with good momentum.
Initially, this pattern is often a bullish signal among traders, and it has sharply declined between $0.48 and $0.13. Now, the price is soaring to test the resistance level at $0.27, still 14% away from the current price. This level also has a supply zone just below it. Now, this is a zone to watch as it has the potential to suppress the price.
Meanwhile, the Moving Average Convergence Divergence (MACD) indicator has turned positive on the 4-hour chart. The MACD line has crossed above the signal line, and the histogram bars are increasing, supporting the upward trend.
Other indicators are still pointing in the bullish direction. The Relative Strength Index (RSI) is currently around 62. This confirms that buyers have taken control of the market and the price increase has begun. However, this level is close to the overbought region, which could lead to a short-term pullback.
The Bollinger Bands indicate that DOGE has surpassed the upper band, sometimes signaling that the price is rising too quickly. However, if the price holds above this level with increasing volume, it could indicate strong bullish momentum.
Additionally, DOGE is still attracting attention due to the new exchange-traded product (ETP) filings from companies like 21Shares and Osprey Funds. 21Shares filed an application with Nasdaq on April 29, 2025, to list the DOGE ETF under the name 21Share Dogecoin ETF. This application is currently under review and awaiting approval.
Meanwhile, cryptocurrency analyst Ali Martinez in a post on X today pointed out a long-term trend line. This line suggests a potential increase to $0.30 but only if the price of DOGE drops to around $0.14.