Why is Dogecoin (DOGE) price rising today?

Dogecoin is showing strength and looks set to make new yearly highs. In the following, we will look at a few technical indicators that may give some insight into why the price of DOGE increased today.

Key support levels: $0.13

Key resistance levels: $0.21, $0.31

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1. New annual high soon

Buyers came in strong with support at 13 cents. Since then, the price has entered a sustained rally that looks poised to test key resistance at 21 cents. If successful, DOGE will make a new annual high. That can create more buying pressure.

2. Buyers run into key resistance

There are no sellers and you can't stop this rally. DOGE seems determined to take advantage of this opportunity to break the 21 cents resistance. The momentum is also strong and this price action is likely to continue.

3. MACD Bullish cross is confirmed

This week, the daily MACD crossed on the bullish side. The histogram is showing higher peaks, and visually, this rally can only begin. This is promising and sellers may see much later when the price approaches 30 cents if the current resistance falls.