Bullish Technical Indicators Suggest Good Days Ahead For DOGE

Dogecoin (DOGE) is one of the cryptocurrencies in the green for the day so far. According to CoinMarketCap, DOGE is currently trading at $0.07371 after a 1.68% increase in price over the last 24 hours. The meme coin was also able to reach a high of $0.07503 and a low of $0.07181 over the same time period.

DOGE’s weekly performance is also looking good as the crypto is up almost 4% over the last seven days. Doge was also able to strengthen against Bitcoin (BTC) and Ethereum (ETH) by about 1.93% and 1.68% respectively over the last day.

Also in the green zone is DOGE’s 24-hour trading volume which currently stands at $392,982,554 after a more than 12% increase since yesterday. With its market cap of $9,785,460,701, DOGE is currently the 8th biggest crypto in terms of market capitalization.

4-hour chart for DOGE/USDT (Source: CoinMarketCap)

The price of DOGE is currently trading above the 20 and 50 EMA lines on its 4-hour chart, and was battling it out with the resistance level at $0.07377 at press time.

Technical indicators on DOGE’s 4-hour chart suggest that bulls have stepped in to give DOGE the support it needs to break the current resistance level. The MACD indicator is showing bullishness as the MACD signal line is positioned above the MACD SMA line. In addition to this, the slope of the histogram gradient has become more positive.

A major bullish confirmation would be the 20 EMA line crossing above the 50 EMA line. Looking at DOGE’s 4-hour chart, this cross is on the verge of happening.

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