DOGE leads the market charge, eyes the $0.30 high

DOGE leads the market charge, eyes the $0.30 high
CoinJournal
CoinJournal
DOGE-1.57%
SHIB-2.44%
PEPE-3.80%
TRUMP+3.58%
PENGU+16.07%

Key takeaways

  • Dogecoin is the best performer among the top 10 cryptocurrencies by market cap.
  • The coin could rally towards the $0.30 mark after hitting $0.25 a few hours ago.

DOGE leads the market charge

DOGE, the native coin of the Dogecoin blockchain, is the best performer among the top 10 cryptocurrencies by market cap. The coin added over 8% to its value in the last 24 hours and now trades at $0.2730 per coin.

The positive performance comes as the broader crypto market starts another week in a bullish mode. Memecoins have outperformed other narratives over the last few days, and the trend continues this week.

Other leading memecoins, including Shiba Inu (SHIB), Pudgy Penguins (PENGU), Flocki, Jasmy, TRUMP, and PEPE, are all in the green, with most of them recording double-digit percentages in gains.

DOGE targets $0.30 as bullish pattern forms

The DOGE/USD 4-hour chart is bullish but inefficient, suggesting that the coin could drop lower soon before rallying higher. The technical indicators are bullish, indicating a strong buying bias for the memecoin.

The RSI of 75 shows that DOGE is currently heading into the overbought region while the MACD lines are within the positive territory, highlighting the strong bullish bias. The daily chart shows that DOGE broke out cleanly above a long-term downtrend and closed above all major EMAs, including the 200 EMA at $0.204. The breakout confirms the shift in trend bias.

The Bull Market Support Band between $0.1839 and $0.2024 now serves as a strong support for Dogecoin. The pair’s Parabolic SAR has also flipped bullish and remains below price, serving as added confirmation to the bullish trend direction.

If the bullish momentum holds, DOGE would rally towards the FVG at $0.30 before hitting the next resistance level at $0.34. An extended bullish run would allow DOGE to test the $0.38 resistance level for the first time since January 22.

However, in the event of a correction, DOGE could retest the ILQ at $0.25064 in the coming hours. An extended bearish run could see DOGE drop to the Transactional Liquidity (TLQ) level above $0.230.

The post DOGE leads the market charge, eyes the $0.30 high appeared first on CoinJournal.

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