Dogecoin (DOGE) , The Top 1 meme coin crypto is consolidating its potential despite having the biggest meme sector marketcap of 21 billion. Though the coin is 100% up in the yearly period in contrast to Shiba Inu(SHIB) the second in the list is 168% up, Floki is up by 446%, Bonk is up by 5317% and Pepe by 481%.
The increased activity recently and a spike in the Open interest of investors shows Dogecoin has strong community and operational price activity and is not trend-based.
The overall Dogecoin market is in an uptrend, it looks like the price will surge by testing minor with pullback support levels.
In a 4-hour DOGE/USDT chart the price faced resistance at $0.157 and with no strong support pulled down to the current $0.15. In an approach towards robust support, the bears seem to fail with a significant spike in Volume.
Buyers in the zone maintain a $0.15, above 200 SMA, and with continued buying pressure the price is poised to rise 50-day SMA ($0.17) too. A rally beyond this level will trigger more accumulation and enter a bullish zone with nearby resistance and $0.21 and $0.23. \
Conversely, a break and close below $0.147 will see Dogecoin retreat to the next support sitting at $0.135. Further jumps below this mark a trend in favor of bear with the lowest support zone at $0.09.
Technical Indicators Are Mixed
The oscialators are in Seel mode as the Bull bear power, MACD, and ROC signal a downtrend. Price indicates a movement to rise above 50 Days SMA but is above the long-term 200 SMA and EMA. Moving cross over for short terms and mod terms remains bearish but long terms is bullish.
Trend traders have an opportunity to enter between $0.14 and $0.15 and exit after $0.17 breakout with a stop loss at $0.13.
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