The king of memecoins, Dogecoin (DOGE), has been following the general sentiment in the crypto market as it rises above a critical level. The token has seen selling pressure on short time frames, but appears poised for further profits.
At the time of writing, Dogecoin (DOGE) is trading at $0.078 with a 1% loss over the past 24 hours. Over the previous seven days, the memecoin made 6% profits, ranking among the best performers in the top 10 in terms of market capitalization.
Dogecoin on its way to $0.10? Analyst Makes Bullish Case
As mentioned, the Dogecoin rally encountered obstacles during today’s trading session as the price moved back below the critical $0.08 level. Crypto trader Rekt Capital complaints that the recent price action has confirmed a bullish trajectory for the token.
The chart below shows that Dogecoin has come a long way from its yearly low of $0.052 in October and November. As the bulls pushed higher, the cryptocurrency broke its descending channel, paving the way towards the area above $0.11, last seen in 2022.
DOGE price likely to return to all-time high
A separate report from another crypto trader reviews Dogecoin on high timeframes. The token is poised for a larger breakout on its Bitcoin (BTC) trading pair on this horizon.
The analyst cites a series of positive fundamentals for Dogecoin, including its scalability and “low-power” transactions. On the chart above and pointing to the Moving Average Convergence/Divergence (MACD) indicator, the analyst said:
In the $DOGE/$BTC trading pair, bullish trends and indicators have been observed on higher time frames. Notably, a falling wedge trend is evident on the 4-day time frame, accompanied by a bullish crossover in the MACD indicator.
It remains to be seen whether DOGE can return to its 2022 and 2021 highs against its Bitcoin and USDT trading pairs. Bullish momentum in the crypto market continues, even as selling pressure increases, possibly triggered by speculators taking profits at current levels.
Cover image from Unsplash, chart from Tradingview