DOGE Climbs 11%, Is a Correction Imminent?
- DOGE is holding around the $0.18 range after an 11% gain.
- The meme coin’s daily trading volume has surged by over 96%.
The sturdy bear hold has ended up with a 6.72% surge in market cap, reaching $2.95 trillion. Notably, the meme coin market cap has reached $58 billion, after a 16.3% jump. Among the meme coins, Dogecoin (DOGE) has posted a gain of over 11.69%.
DOGE kickstarted the day trading at a low of $0.1633, and with the bulls in command, it eventually pushed the price up to a high of $0.1849. At the time of writing, DOGE traded within the $0.1829, with the market cap reaching $27.25 billion.
Consequently, the daily trading volume of the meme coin has touched $1.95 billion. According to CoinGlass data, the market has witnessed a liquidation of $12.86 million worth of DOGE.
Dogecoin has gained over 18.97% in the last seven days. The asset opened the week trading at $0.1517. The bulls initiated the upside correction and reached the current trading level.
Trend Shift Coming for DOGE?
DOGE’s Moving Average Convergence Divergence (MACD) line is trying to cross over the zero line while the signal line stays below the zero line. This indicates that the early stage of stepping into the bullish zone. If it stays below, it may lead to more downside.
Besides, the meme coin’s Chaikin Money Flow (CMF) indicator, positioned at 0.14 suggests moderate buying pressure in the market, with the capital flowing into the asset. In the meantime, the daily trading volume of Dogecoin has increased by over 96.65%.
Assuming DOGE, failing to hold above the $0.1823 range, the price could steeply slide toward the $0.17 support zone. An extended loss might invite the death cross. It may likely send the meme coin into a deeper correction, eyeing more losses.
On the recovery side, the meme coin could jump and reclaim the nearby resistance at around $0.1833. If the bulls are mighty enough, the golden cross might emerge and propel DOGE to bring in a retest at $0.1850 resistance.
Moreover, the asset’s Bull Bear Power (BBP) value of 0.03546 signals that the bulls are dominant in the market, with mild upward momentum. DOGE’s daily relative strength index (RSI), found at 60.41, implies a neutral-to-bullish territory.
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DOGE Climbs 11%, Is a Correction Imminent?
- DOGE is holding around the $0.18 range after an 11% gain.
- The meme coin’s daily trading volume has surged by over 96%.
The sturdy bear hold has ended up with a 6.72% surge in market cap, reaching $2.95 trillion. Notably, the meme coin market cap has reached $58 billion, after a 16.3% jump. Among the meme coins, Dogecoin (DOGE) has posted a gain of over 11.69%.
DOGE kickstarted the day trading at a low of $0.1633, and with the bulls in command, it eventually pushed the price up to a high of $0.1849. At the time of writing, DOGE traded within the $0.1829, with the market cap reaching $27.25 billion.
Consequently, the daily trading volume of the meme coin has touched $1.95 billion. According to CoinGlass data, the market has witnessed a liquidation of $12.86 million worth of DOGE.
Dogecoin has gained over 18.97% in the last seven days. The asset opened the week trading at $0.1517. The bulls initiated the upside correction and reached the current trading level.
Trend Shift Coming for DOGE?
DOGE’s Moving Average Convergence Divergence (MACD) line is trying to cross over the zero line while the signal line stays below the zero line. This indicates that the early stage of stepping into the bullish zone. If it stays below, it may lead to more downside.
Besides, the meme coin’s Chaikin Money Flow (CMF) indicator, positioned at 0.14 suggests moderate buying pressure in the market, with the capital flowing into the asset. In the meantime, the daily trading volume of Dogecoin has increased by over 96.65%.
Assuming DOGE, failing to hold above the $0.1823 range, the price could steeply slide toward the $0.17 support zone. An extended loss might invite the death cross. It may likely send the meme coin into a deeper correction, eyeing more losses.
On the recovery side, the meme coin could jump and reclaim the nearby resistance at around $0.1833. If the bulls are mighty enough, the golden cross might emerge and propel DOGE to bring in a retest at $0.1850 resistance.
Moreover, the asset’s Bull Bear Power (BBP) value of 0.03546 signals that the bulls are dominant in the market, with mild upward momentum. DOGE’s daily relative strength index (RSI), found at 60.41, implies a neutral-to-bullish territory.
Read More