Dogecoin has caught the attention of analysts and investors alike, and for good reason. The meme-inspired cryptocurrency has been displaying signs of bullish momentum, with a recent rebound from critical support levels igniting optimism in the market.
$DOGE
A post-halving wave of rally brewing.
Get ready! pic.twitter.com/tO3MoH9kfY
— Mikybull 🐂Crypto (@MikybullCrypto) July 17, 2024
Currently trading at $0.1256, DOGE has seen a 3.73% gain over the past 24 hours. This surge can be attributed to increased interest and activity surrounding the Dogecoin market, fueled by social media influence and endorsements from prominent figures.
Technical Analysis
The 200-week Exponential Moving Average (EMA) holds significant importance as a technical indicator and support zone for DOGE. With Dogecoin stabilizing around this level at $0.118, there is a potential for bullish momentum in the near future.
Open interest in Dogecoin has surged by over 5% in the past day, reaching a valuation of $544.9 million. This growth signals further upward movement and instills confidence in DOGE’s trajectory.
Bullish investors are stepping up to defend the critical support level at $0.114. If this support holds, a rally of over 10% could push the price towards the $0.140 region. The Relative Strength Index (RSI) currently sits at 58.36, above the neutral level, with the Awesome Oscillator (AO) also displaying favorable signs. Both indicators must remain above their neutral levels for DOGE’s upward trend to continue.
Bitcoin Post-halving Connection
The recent Bitcoin halving event has reignited interest in altcoins, with Dogecoin positioned for a potential bullish reversal. Buyers are actively defending the $0.143 support level, and a post-halving rally could have a positive impact on the entire altcoin market.
Amidst a renewed recovery from a 50% retracement, buyers are gearing up to challenge the overhead resistance trendline. Strong on-chain metrics, positive technical indicators, and increased market activity all point towards a promising future for Dogecoin.
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