The price of Dogecoin has been on the rise for 7 days now, and in the last 24 hours, along with other cryptocurrencies, it has made a powerful surge of more than 6%.
Investors are once again targeting meme coins, which have the amazing ability to easily generate double-digit profits.
At the time of writing, DOGE is trading at $0.066624, a change of +6.3% over the day.
Dogecoin price has bounced off the support level at $0.0574. The asset marks a significant increase in trading volume, up to $593 million. In addition, the DOGE/USD chart shows bullish technical indicators such as Moving Average Convergence/Divergence (MACD) and Relative Strength Index (RSI).
Analyst Jay Dee (@jaydee_757) wrote to his X subscribers, "Doge is a meme coin with a beautiful chart structure, huge opportunity for the next cycle!"
Loading...
The increased attention on Dogecoin is intensifying after it reversed its downtrend from a high of $0.1, as well as the crypto market's revitalization due to fake news about the SEC approving a spot Bitcoin ETF.
Crypto experts are confident that the approval of spot BTC ETFs will trigger a strong rise in the price of Bitcoin and then the rest of the cryptocurrencies.
Increased investor interest also continues to favor a bullish price movement for Dogecoin and other tokens, especially now that they are above two key moving averages: the 21-day Exponential Moving Average (EMA) and the 100-day EMA.
The RSI indicator has reached 65, confirming the bullish outlook for the asset's movement, which significantly increases the chances of a double bottom pattern breakout.
Dogecoin is showing an upward movement as a result of the double bottom support at $0.0574. A break above this resistance line will complete the pattern and lead to a sharp rise of approximately 38.85% to $0.1.
On the other hand, investors may start taking profits and closing out their positions. A drop below the 100-day EMA support at $0.0642 would reduce the chances of a rally to $0.1.
Read also: Ethereum made a jump of over 7%.