• 14 July, 2024
Market News

Dogecoin price analysis: DOGE Spikes by over 7% as the Volume Increases

Dogecoin has had an impressive run over the past couple of hours and this bullish sentiment has been carrying on into today’s trading session. The digital asset has jumped by over 7% within the last 24 hours, while the trading volume surges by over 178 % bringing it to $689,008,841. This comes as the meme coin trades at $0.07748 towards reclaiming its yearly highs of $0.1, with a strong chance of breaking out from its current descending channel.

Dogecoin price action:Coinmarketcap

DOGE/USD Technical Analysis

From a technical perspective, Dogecoin has been trading within a descending channel in the last week’s trading session. The cryptocurrency appears to be inching closer to breaking out of this channel and could potentially hit its yearly highs if the breakout occurs. Moreover, the relative strength index and MACD both indicate bullish momentum with the former hovering around 68 and inching higher as well.

On the downside, $0.07 will be a critical support level to watch out for should the Dogecoin price retrace back lower from its current levels. If this level fails to hold, it could open the gates for a further correction back toward $0.06 or even lower in some cases.

The MA50 and MA200 have also been increasing steadily at this time, which suggests that buyers are in control of the market. If these moving averages continue to move higher, it could spell further gains for Dogecoin as investors look to target its yearly highs once again.

DOGE/USD daily chart:TradingView

Dogecoin appears to have some upside potential in the short term, and traders can look forward to potentially making some profits as the cryptocurrency looks set to break out of its descending channel and reclaim its yearly highs.

In conclusion, Dogecoin is currently in bullish sentiment and could potentially hit its yearly highs should the breakout from the descending channel occur. Meanwhile, traders can look to capitalize on this potential momentum by entering long positions at current levels with a stop loss set at $0.07 for a potential upside of over 10%.

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