Dogecoin ($DOGE ) price is up 12% today thanks to the overall momentum from the crypto market. As of writing, the SHIB price is trading at $0.1905, with a strong 124% over the same period to $1.56 billion, according to data from CoinMarketCap.
The rally started yesterday after the U.S. Federal Reserve announced that it would keep interest rates unchanged. #DOGE ’s market cap has since jumped 5%, now at $28.4 billion. On the daily chart via TradingView, DOGE had been forming a falling wedge pattern since February. However, the price broke out at 1:26 EST today with good momentum.
Initially, the pattern is often a bullish sign among traders and it was raging downward between $0.48 and $0.13. Now, the price is surging to test a resistance level of $0.27, which is still 14% away from the current price. This level also has a supply zone just right below it. Now, this is a zone to watch out for because it has the potential to dip the price.
Meanwhile, the Moving Average Convergence Divergence (MACD) indicator has flipped positive on the 4-hour chart. The MACD line has crossed above the signal line, and the growing histogram bars support the upward trend.
The other indicators are still pointing in the bullish direction. The Relative Strength Index (RSI) currently sits around 62. This confirmed that the bulls have taken over the market and the rally has started. However, this level is close to the overbought zone, which could lead to short-term pullbacks.
The Bollinger Bands show DOGE has broken above the upper band, which sometimes signals that prices are climbing too quickly. But if the price holds above this level with increasing volume, it could show strong bullish energy.
Additionally, DOGE is still drawing attention due to new exchange-traded product (ETP) filings by firms like 21Shares and Osprey Funds. 21Shares filled out its application with Nasdaq on April 29, 2025, to list DOGE ETF under the name 21Share Dogecoin ETF. This application is currently under review, and waiting for approval.
Meanwhile, crypto analyst, Ali Martinez in a post on X today, pointed out a long-term trendline. It suggests that a surge to $0.30 is possible but only if the DOGE Price dips to around $0.14.
