The cryptocurrency market continues its bullish price action as the price of Bitcoin rallies past $44,000, with the likes of Dogecoin (DOGE) gaining from the recent price action.
Despite the Bitcoin Fear and Greed Index reaching 75% in the last 5 days, overall sentiment in the crypto market is currently positive. A retracement to key support levels is anticipated, providing an opportunity for others.
Amid the uptrend, Dogecoin, the firstborn memecoin has shown a bullish price action as price eyes $0.15 after several weeks of accumulation and consolidation.
The past 7 days have been bullish for Dogecoin, which gained by over 24%, as there has been much interest in buy action around the region of $0.075 to $0.085. DOGE recently broke out of this range with strong bullish price action.
Dogecoin (DOGE) Price Analysis on the Daily Timeframe
Dogecoin has had a tough time during the bear market, seeing a price drop of over 90% it struggled to gain bullish momentum, leaving bears to dominate its market and price.
DOGE broke out of its downtrend channel to reclaim a price above the 50-day Exponential Moving Average (50-day EMA), indicating a shift in bearish to bullish trend amid a surge above the key resistance of $0.095.
With DOGE looking strong above $0.095, we could see the price rally high to a region of $0.15, considering how it is holding above its daily 50% Fibonacci retracement with strong buy volume as indicated by its Moving Average Convergence Divergence (MACD).
Dogecoin currently changes hands at $0.1019, having recently conquered the $0.10 psychological threshold. The asset is up 15% over the last 24 hours, with a 91% surge in trade volume to $2,114,601,624.