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Dogecoin (DOGE) price is on an upward trend and is leading the rise of meme coins. The price of Dogecoin has confirmed a bottom level at $0.1290. During this period, other cryptocurrencies such as Shiba Inu (SHIB), Pepe (PEPE), Dogwifhat (WIF), and Floki Inu (FLOKI) also saw double-digit gains and began to rise.
What Do the Metrics Say for Dogecoin?
Investors wanting to take a long-focused position on DOGE should consider that Dogecoin’s price is at a significant turning point. However, caution is necessary in making this decision. Dogecoin’s price has not been moving steadily above the center line of the Bollinger indicator recently. This situation could indicate a change in momentum and the potential for a downward trend reversal.
The price currently approaching the center line could indicate that DOGE is experiencing less volatility. This situation could also mean that increased volatility and strong price movements in both directions are possible.
The Relative Strength Index (RSI), while still fluctuating around the average level of 50, is showing signs of increasing momentum. This development could indicate that there is no strong trend in the market.
Dogecoin Price Analysis
DOGE bulls appear to be trying to push Dogecoin’s price above the $0.1498 center line of the Bollinger indicator and confirm this with a clear move above the average 50 level of the RSI. In this case, a buying signal could form. However, for the more cautious, it might make more sense to wait for Dogecoin’s price to retest above the center line and confirm a higher level on the RSI.
If Dogecoin’s price rises above the $0.1649 resistance level, this could encourage more buying demand and help it move beyond the $0.1800 threshold. If the market adopts a very bullish outlook, Dogecoin’s price could extend its gains to the $0.2000 psychological level or even higher to the $0.2288 range.
On the other hand, a pullback from the center line to $0.1498 could lower the price. Losing the $0.1290 support level could be concerning. However, the view that upward momentum would only be invalidated by a daily close below $0.1151 is prevalent.
