Has Dogecoin (DOGE) successfully hopped on the bullish wave and set its sights on the $0.1 mark? This is the question that has been on the minds of many investors and traders recently. The past 24 hours have seen DOGE bulls rally to a new high for the month of July, overcoming the $0.0700 resistance and registering an 11% gain. This has taken the popular meme coin beyond the significant $0.0750 price point.
The Unwavering Rise of DOGE
Despite a general market downturn, with Bitcoin (BTC) experiencing a dip towards $29k, DOGE rides bullish wave with unabated momentum. Previously, DOGE’s upward trend had suffered retracements at critical price levels, but a recent influx of capital has given the coin a timely boost, allowing the bullish momentum to continue.
The Chaikin Money Flow (CMF) indicator, which measures the buying and selling pressure of a security, showed a sharp spike out of negative territory, highlighting the strong buying pressure behind DOGE’s latest bullish advance. The Relative Strength Index (RSI), meanwhile, briefly touched the overbought zone, further demonstrating the massive demand for DOGE.
Key Indicators of DOGE’s Bullish Rally
The bounce off the $0.0700 support level saw DOGE break the lower lows of the bearish swing on higher timeframes, signalling the strength of the current bullish rally. If the bulls manage to cross the $0.0805 hurdle, the bullish trend could potentially ride up to the year-high price zone of $0.1000. However, a price rejection at the $0.0805 resistance level could see DOGE fall into a range between $0.0700 to $0.0800.
Social Dominance Fuels Bullish Sentiment
Data from Santiment revealed a significant spike in DOGE’s social dominance, potentially due to Elon Musk’s announcement of a Twitter logo change. Musk, a known supporter of Dogecoin, had his recent rebrand interpreted as good news for DOGE holders. Coupled with the 90d Mean Coin Age’s continued rise, indicating a network-wide accumulation of Dogecoin, this suggests more gains could be on the horizon for DOGE holders.
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