Dogecoin Rockets Up: Bulls Take Charge as Price Surges Nearly 17%
Release: 2024/04/09 08:23 Reading: 574
- Dogecoin surged by 17% over the past three days, showcasing strong bullish momentum.
- Bulls quickly regained control after a dip, leveraging support from the 20-day EMA and previous breakout zones.
- Technical analysis indicates a positive trajectory, with Dogecoin forming higher highs and higher lows.
Dogecoin (DOGE) has experienced a notable uptrend with an impressive 17% increase in its value over the past three days. After dipping below the 20-day EMA, Dogecoin swiftly bounced back, demonstrating robust bullish momentum.
Despite efforts from bears to challenge the emerging bullish sentiment after reaching a fresh swing high, the bulls quickly regained control, utilizing the dynamic support provided by the 20-day EMA and previous breakout zones. This resurgence in buying pressure effectively countered the selling momentum, confirming the prevailing uptrend.
Technical analysis signals a positive path ahead, as Dogecoin continues to establish higher highs and higher lows, backed by the consistent presence of the 20 and 50-day EMAs. Particularly noteworthy is Dogecoin’s rebound depicted on the daily chart after a minor correction in February, indicating a bullish outlook for both the short and long term.
An analysis of social volume reveals an upward trend, with a significant uptick in social media engagement observed in February. Although there was a slight decline in the total number of social users in early April, recent trends indicate a resurgence in participation, which bodes well for Dogecoin’s social dominance.
From a technical perspective, Dogecoin’s RSI and SMA lines confirm the bullish sentiment, comfortably positioned above the mean line. This further strengthens the positive outlook for Dogecoin’s short-term performance. Looking forward, analysts anticipate a potential high of $0.260 for Dogecoin if bullish momentum persists, while a breach below the support level of $0.175 could lead to a decline to $0.122.
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