Dogecoin surges 7%, bullish trend crosses key resistance level
Dogecoin has gained 6.56% in the last 24 hours, rising from a two-month low of $0.1508 to a high of $0.1632.
The increase came after Dogecoin crossed a long-running downtrend line, which indicates a short-term reversal in the market.
During this time, despite the political tensions between the US and Iran on a global scale, Dogecoin has outperformed Bitcoin and Ethereum.
Trading volume also increased significantly, especially around 10 pm (UTC), when volume exceeded 800 million units and the price increased by about 3.77% within an hour.
This technical breakout has raised the possibility of a price retest between $0.17 and $0.18, provided Trading volumes remain strong and global risk tourism remains stable.
Dogecoin’s network fundamentals are also strong, with an increase in transaction volume and active wallets.
Although global financial conditions are fragile, this resistance from the meme coin is attracting the attention of traders who are betting on the short-term altcoin’s circulation.
The price has found support at $0.150 and the $0.162 level has been established as a solid support, while $0.165 has emerged as the next major resistance level.
Analysts say that the RSI indicator has broken out of the oversold zone, giving a positive signal, and the MACD is also indicating the possibility of an increase.
The price saw a slight decline in the last hour of the session, which is an indication of a healthy consolidation.
The overall situation shows that Dogecoin is in a strong and positive trend in the short term, which investors can provide an attractive opportunity for .
T$his is a news, this is an analysis,
This is not financial advice from the post sir, if you want to invest in the crypto market then do thorough research first, then buy.