- Dogecoin experienced a minor drop before emulating Bitcoin’s surge, rising above $0.183 support.
- Interest in meme coins like Shiba Inu and dogwifhat grows amidst Dogecoin’s rally, reflecting a broader trend in the market.
- Bullish indicators suggest Dogecoin may surpass $0.2, but traders are cautioned about a potential resistance at $0.19.
Dogecoin (DOGE) has experienced a bullish resurgence fueled by Bitcoin’s surge, with its price holding strong above key indicators and poised for potential further gains.
It embarked on a somewhat lackluster trajectory at the start of the week, nudging down to the $0.183 mark on Tuesday. However, taking cues from its illustrious counterpart, Bitcoin, Dogecoin swiftly veered onto a more promising path.
Despite witnessing a modest 3% uptick in its price on Monday, Dogecoin experienced a 6% slump in its 24-hour trading volume, signaling a wane in trader interest. However, this dip in enthusiasm didn’t deter other meme coins like Shiba Inu (SHIB) and dogwifhat (WIF), which saw respective upticks of 6% and 18%. Bonk, a Solana-based meme token, also joined the fray, notching up a 9% gain to hit $0.000025.
Dogecoin‘s price trajectory is underpinned by three crucial bull market indicators. A recent confirmation of a golden cross pattern further fortifies the bullish sentiment, prompting traders to lean towards long positions in Dogecoin. The SuperTrend indicator also aligns with this optimistic outlook, suggesting an upward trajectory, potentially breaching the $0.2 mark in forthcoming sessions.
Nevertheless, traders remain vigilant, cognizant of potential hurdles at the $0.19 mark, which could temporarily stall the upward momentum. In the face of corrections spurred by profit-taking or market volatility, support levels at $0.17, backed by the 20-day EMA, offer a safety net against significant losses.
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