Cryptowarning

07/20 12:06

Dogecoin (DOGE) Makes a Massive Comeback: Bullish

Dogecoin (DOGE) Makes a Massive Comeback: Bullish Chart Predicts 4x Growth

Dogecoin has surged 22% this week, breaking out of a long consolidation phase.

Strong signals from the RSI, MACD, and EMA indicate that bullish momentum is strengthening.

Price action mirrors 2021 trends, hinting at a possible move towards $1.

Dogecoin has shown strong momentum this week, rising 22.21% to $0.2416. After months of sideways movement above $0.14, the latest weekly candle formed a bullish engulfing pattern, a clear sign of a potential trend reversal.

This price rally was supported by a sharp increase in trading volume, which reached 269.41 million, the highest since April this year. The sudden increase in activity indicates renewed interest from traders.

 Currently, DOGE is trading above all major exponential moving averages: EMA 20 at $0.2007, EMA 50 at $0.2011, EMA 100 at $0.1772, and EMA 200 at $0.1446. These indicators have either leveled off or started to rise, which usually means that a downtrend is fading and a new uptrend may be starting.

Momentum indicators also support the bullish outlook. The Relative Strength Index (RSI 14) has risen to 56.47, crossing the mid-50 level. This change suggests that the bulls are taking control. The MACD line is rising and approaching a crossover, and the histogram has switched to green. This often signals that bearish pressure is easing and upward momentum is building.

 If DOGE stays above $0.24, the next major barrier will be $0.30. This is where sellers became active earlier this year. A break of this level could open the way to the 2025 high at $0.42. On the other hand, strong support is currently around $0.20, supported by the 20 EMA and 50 EMA. 

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