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- DOGE is up about 1% and is now trading above $0.10.
- The rally comes as memecoins recorded gains in the growing crypto market.
Memecoins are going up as the market goes up
Dogecoin (DOGE), Shiba Inu (SHIB), and Pepe (PEPE) are extending their recovery on Thursday following recent corrections.
Success comes when marketing ideas help raise the meme’s big bucks. New optimism about a possible peace deal between the United States and Iran has also helped boost crypto markets.
Dogecoin is showing a very strong technical trend after coming back from a significant support zone. The currency is now approaching a major moving average that can determine its next move.
Dogecoin price outlook: DOGE bounces back from key support points
The DOGE/USD 4-hour chart is moderate and useful even though Dogecoin is increasing by 1% in its price. The leading memecoin faced rejection at the weekly resistance level of $0.119 last week, which led to a decline of 11% through Tuesday.
However, it is now back above $0.10 after retracing the key areas close to the previous level, which is in line with the daily support at $0.102,
Currently, DOGE is approaching the 200-day Exponential Moving Average (EMA) at $0.106.
If memecoin closes the daily candle above the 200-day EMA, it can strengthen its strength and pave the way for a weekly retest of $0.119 resistance.
Fast signals indicate that buyers are moving in. The Relative Strength Index (RSI) is hovering around 43, indicating neutrality after the recent pullback.
Meanwhile, the Moving Average Convergence Divergence (MACD) group is still in the negative territory, which means that the uptrend is still strong and can overcome the resistance of further movement.
However, if the sellers come back and DOGE falls below the support of $0.102, a bearish change could push the price below the emotional level of $0.100.
For now, DOGE remains in a short-term recovery period, but traders are watching closely to see if it can retake major technical levels to confirm the continuation of the bullish trend.
