The king of memecoins, Dogecoin (DOGE), is following the general sentiment in the crypto market as it has broken through a key level. The token experienced selling pressure on the lower time frame, but looks poised for further profits.
At the time of writing, Dogecoin (DOGE) is trading at $0.078 with a 1% loss over the past 24 hours. Over the past seven days, Memecoin has gained 6%, serving as a top performer in the top 10 by market capitalization.
Dogecoin on route to $0.10? Analyst makes bullish case
As mentioned, the Dogecoin rally has hit hurdles in today’s trading session, with the price returning below the important $0.08 level. crypto trader rect capital Claim Recent price action has confirmed the bullish trajectory for the token.
The chart below shows that Dogecoin completed a path from its yearly low of $0.052 during October and November. As bulls surged higher, the cryptocurrency broke out of its descending channel, paving a path towards the area above $0.11, a level last seen in 2022.
DOGE price likely to return to all-time high
a separate report Another crypto trader sees Dogecoin on higher time-frames. The token is close to completing a major breakout on its Bitcoin (BTC) trading pair on this horizon.
Analysts cite a range of positive fundamentals for Dogecoin, including its scalability and “low energy consumption” transactions. Pointing to the chart above and the moving average convergence/divergence (MACD) indicator, the analyst said:
In the $DOGE / $BTC trading pair, bullish patterns and indicators have been observed in the higher time frames. Specifically, a falling wedge pattern is evident on the 4-day time frame, as well as a bullish crossover in the MACD indicator.
It remains to be seen if DOGE can return to its 2022 and 2021 highs against its Bitcoin and USDT trading pair. The crypto market remains bullish, although selling pressure has increased, possibly triggered by speculators taking profits at current levels.
Cover image from Unsplash, chart from Tradingview