#اخبار_الكريبتو_العاجلة #اقتصاد_الشرق #كريبتو_بالعقل #wct $DODO
The value of Dogecoin has increased by more than 6%, trading at
a level of 0.23 USD.
The daily trading volume of Dogecoin has risen by 138%.
In the context of neutral market conditions, the broader market capitalization stabilized at 3.83 trillion USD. Cryptocurrencies are experiencing waves of ups and downs, while the largest assets, such as Bitcoin (BTC) and Ethereum (ETH), are trading within their previous low ranges. At the same time, the market capitalization of meme coins has increased by more than 5.4%, reaching 77 billion USD.
Among the meme coin group, Dogecoin (DOGE), which features the dog logo, surged by more than 6.89% in the past 24 hours. In the early hours of the morning, the meme coin began its daily trading at a range of $0.2164. With Dogecoin bulls taking control of the coin, its price rose to $0.2343 after testing the resistance level between $0.2169 and $0.2338.
At the time of writing this report, the trading price of DOGE was about $0.2313, with a market capitalization of $35 billion. It is noteworthy that the daily trading volume of the meme coin has significantly increased by over 138% to reach $2.73 billion. Furthermore, the market experienced a liquidation of $8.44 million of DOGE during this period, according to Coinglass data.
Can Dogecoin maintain its recent price gains?
The chart for the meme coin price (over a four-hour period) shows positive expectations emerging. However, bulls may push the price higher and test the resistance level at $0.2319. With active momentum strengthening, a golden cross may appear, driving the price of Dogecoin above the level of $0.2325.
Conversely, if the meme coin reverses its upward trend to a downward direction, the price may drop and find support at $0.2307. Assuming that the price of Dogecoin undergoes a sharp downward correction, a deadly cross is likely to occur, and bears may push the price toward $0.2301 or lower.
The analysis of technical indicators for Dogecoin shows that the Moving Average Convergence Divergence (MACD) line has crossed above the signal line. This indicates upward momentum, with the price likely to continue moving upward. Additionally, the Chaikin Money Flow (CMF) indicator settled at 0.06, which is a modest strength. This indicates slight buying pressure in the market. Funds are also flowing into the asset, resembling slight accumulation.
Moreover, the current market sentiment for the meme coin is in the overbought territory, as the daily Relative Strength Index (RSI) is at 71.44. This generally indicates that the price may face a pullback or correction soon. The Bull and Bear Power (BBP) reading for Dogecoin at 0.01740 indicates slight bullish dominance in the market. With this modest strength, the upward trend does not exert significant pressure under a strong price rise.
