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Dogecoin‘s (DOGE) price recently surpassed a significant resistance level, raising investor hopes. After crossing the $0.10 mark again, DOGE’s price appears poised for a new rise, potentially moving beyond the bear territory.
Preparing for a New Rise
Dogecoin had long been overshadowed due to investors‘ uncertain sentiments. During the recent decline, DOGE’s price lost over 20% and fell below the critical $0.1042 support. After a brief consolidation period, the memecoin surpassed important levels, indicating a rising trend. This recovery suggests Dogecoin’s price is readying for a new rise.
DOGE‘s price action often resembled a steep downtrend where bullish momentum was broken. The token reached the peak of consolidation, fell below the support level, and now has risen above the support turned resistance. This move could form a strong foundation for the next upward movement. Technical indicators suggest a relief period before a significant price move, as bulls seem to have been accumulating for a while.
The memecoin, after breaking the descending triangle formation, rose above the support level following a slight pullback. This price action has given investors hope for the next price move. Additionally, after touching the lower level of the Bollinger Bands, the price rebounded, potentially heading towards the upper band near the $0.15 level.
MACD and DMI Indicators Do Not Support the Rise
Unfortunately, the MACD and DMI indicators do not support this rise scenario despite the RSI showing a healthy increase. Although selling pressure has decreased, a significant change in trend should not be expected unless buying volume increases. Therefore, Dogecoin’s price is expected to remain in horizontal consolidation for a while, holding above the gained support level.
Volume has returned to initial levels, indicating that Dogecoin’s price could continue with its initial trend. Hence, the largest memecoin is expected to remain passive until there is a significant increase in buying volume.
