Dogecoin’s Price Hits a Wall – Can DOGE Push Past $0.15?

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Harvey Hunter

Content Writer

Harvey Hunter

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Harvey Hunter is a Content Writer at Cryptonews.com. With a background in Computer Science, IT, and Mathematics, he seamlessly transitioned from tech geek to crypto journalist.

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Last updated: 

August 22, 2024

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Over the past 24 hours, the Dogecoin price has remained consistent in its bout, adding 1.73% and contributing to the 2.60% growth across the meme coin sector.

This resilience may be setting the stage for a more pronounced upward movement as bullish indicators start to emerge.

Since last Thursday, Dogecoin has managed to find its footing, gaining 2.96% and reaffirming its positive momentum.

Meanwhile, trader interest remains strong, with the meme coin’s trading volume holding steady above $500 million over the past 24 hours.

Indicators Ring Bullish – What’s Stopping a Dogecoin Price Surge?

Although these developments ring bullish, Dogecoin has found difficulty progressing past a key resistance level.

The upward move today has been somewhat snubbed as Dogecoin failed to overcome the stubborn resistance presented at $0.10800.

However, after finding its footing at the $0.10400 support level, it is showing promise in its next run-up.

Most Notably, the Relative Strength Index (RSI) (purple) has dipped from 75 to 60 since today’s peak. This represents a shift from an overbought state to a more neutral one, erring on bullishness.

This is typical of a correction, yet it’s important to note that we haven’t retraced into bearish territory—the underlying buying pressure remains strong despite the price lapse.

Likewise, Dogecoin’s Chaikin Money Flow (CMF) (green) remains in positive territory, currently sitting at 0.15. This indicates persistent buying pressure, making a potential price rally credible.

Over the past 48 hours, the 50 EMA (pink) and 20 EMA (yellow) have remained above the 200 EMA (blue) following their crossover, with all three EMAs showing an upward trend.

This alignment of short-term, mid-term, and long-term indicators supports the bullish momentum in Dogecoin’s price. Given this robust bullish trend across multiple timeframes, further price increases are likely.

Therefore, given we can successfully overcome the immediate resistance restraining the Dogecoin price, traders should look for a further push to resistance at $0.12750 before we approach $0.15.

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