Why is Dogecoin (DOGE) price rising today?

Dogecoin price has bounced back below key resistance, with bulls determined to break. Let's examine a few different technical indicators that can provide valuable insights into where the market is currently and where it may be headed next.

Key support levels: $0.17, $0.13

Key resistance levels: $0.21, $0.31

Table of Contents

Toggle

1. Objection about breaking the key

DOGE has fully recovered from the recent pullback, and the price is testing resistance at 21 cents. If buyers are able to break above this key level and turn into support, DOGE could rush to 31 cents next.

2. Momentum turns bullish

Although the volume is not high, the price and speed are on the side of the bull. A break above 21 cents could bring back buyers, pushing the volume to new highs.

3. Daily MACD curve upwards

Another signal of strength is found on the daily MACD, which indicates that the moving averages are trending upwards. If this continues, they will form a bullish cross that can coincide with a break above 21 cents.