DOGE, one of the most popular altcoins, named after the Dog Meme and Dogecoin cryptocurrency, is hitting its all-time highs, as buyers have the upper hand in pushing the coin to break record levels. This comes as buyers are focusing on the $0.670 level. Meanwhile, DOGE/USD keeps its bullish momentum intact as it maintains its support as a preparation for a heavy rally. The increasing popularity of DOGE has seen it rally by over 1100%.
DOGE has now hit its high of $0.10, a strong rally from its last-year low of $0.0278 before taking a breath in a correction phase. After its strong bullish move, the token had entered a consolidation phase, while its support is still intact before an expected stronger really. While still expecting a further rally, buyers focus on triangle breakout around $0.671.
DOGE Set to Rise After a Brief Consolidation
After falling from $0.0622 high on Saturday to $0.0554 yesterday, the coin recovered and sustained its support. In just 24 hours, DOGE recorded a trading volume of $871 million and a market cap of $7.39 million. Dogecoin was created in 2013 following the trending meme then involving a popular dog named Shiba Inu. The meme became popular to the extent that DOGE rose by 1140% this year. At the beginning of the year, DOGE was pumped and dumped, which started on Reddit where some tweets made by Elon Musk shot the coin to $0.10 late January. Also, celebrities like Snoop
Doge rallied support around Dogecoin and helped promote it in collaboration with Elon Musk, the CEO of Tesla Motors. Looking at the daily chart, DOGE/USD touched MA 50 around $0.0554, attempting $0.060, a point which the asset had been finding it difficult to break for the past month. The RSI is moving sideways while the candlesticks and MA 50 point towards a correction at present but are not giving a bearish signal.
Hence, buyers are now looking at a triangle breakout around $0.0670 to focus on $0.071 to $0.081, a range that will decide what may happen at the upper channel of the short-term correction. If the price falls below that level, the MA 50 around $0.05550, a comeback below will disrupt the triangle setup of the long-term outlook.
Dogecoin’s Technical Outlook
Looking at the chart from the technical point of view, on the 4-hour chart, DOGE/USD could not hold the MA 50 support when it was forming the triangle channel. If sellers resume their momentum, the MA 200 of $0.054 can halt a downward movement to the main support of $0.050. However, if sellers can push the price down to $0.500, the price may test the $0.040. In that case, a further break could strengthen a decline towards $0.008.
In summary, in the short term, DOGE is ranging between a neutral and bullish direction.
If it rises and breaks the $0.0670 resistance, it could resume a correction to 0.0550. On the other hand, a fall below $0.0500 can cause a more bearish movement. The RSI, MA 50, and MA 200 support the bearish bias. As most cryptocurrencies such as Bitcoin and Ethereum breaking through their all-time highs, DOGE has risen by nearly 2,000%. Despite that, people still refer to it as a joke coin backed by the influential Elon Musk, Snoop Dogg, and some celebrities.