As per the CoinMarketCap data, over the last week, Dogecoin surged amazingly gaining more than 100 percent thus relying on the recent fundamentals influencing the token. The crypto is associated with a very divisive meme that reached $0.00568 highs from levels slightly beneath $0.0025 in less than a week. It recently ranked 27th with a market capitalization of around $500 million while its total daily volume of trading is about $150 million. Despite technical retracing, unwavering support on DOGE/USD is developing over $0.00335. In the past 24 hours, the coin has risen more than 6 percent and stays one of the top-100 best-performing digital assets. DOGE increases in value at $0.00377 at the time of this post. The recent Dogecoin price action has been directly fueled by a TikTok meme. A viral TikTok video, that urged investors to buy the crypto asset, is said to have initiated the rally. Besides, the viral video spread to social media enthusiasts driving DOGE mentions to annual highs.
*Despite technical retracing, unwavering support on DOGE/USD is developing over $0.00335
*DOGE increases in value at $0.00377 at the time of this post
*The recent Dogecoin price action has been directly fueled by a TikTok meme
Key Levels
Resistance Levels: $0.00600, $0.00500, $0.00400
Support Levels: $0.00335, $0.00292, $0.00222
DOGE/USD Daily ChartDuring its recent rally, the coin peaked at $0.00568 high and fell to $0.00335. Despite the retreat, as long as it stays beyond the unwavering support at $0.00335 DOGE may further continue the upside run. Following the said restriction is $0.00292, established by the upper edge of its lower consolidation channel. Consolidation seems to take over with the RSI holding to its line at mid 60.
The indicator was retreating from Wednesday’s highs of around 95. As long as the RSI maintains the present position, there’s a possibility the market movement sideways may continue longer. On the positive side, for the upside to gain momentum, a successful push beyond $0.0045 is required. In either scenario, recovery may be expanded to the recent high of $0.00568 and psychological $0.0060.
DOGE/USD 4-Hour ChartTechnically the 4-hour chart is within a range after bulls at $0.0050 area lost the upside strength. However, the MA 50 cross of July 7 past the MA 200 which signal resumption of an upside rally has considerably dissipated off the short term RSI. Under the market price lies support although this push occurred quite swiftly, the closest support level can be found at $0.00335, the recent July 10 low.
On the other hand, it is necessary to consider that the growing divide between the short-term MA 50 and MA 200 may require further correction before the upside-advance continues. It also features a negative deviation that reinforces bearish momentum. Bulls will, therefore, strive for further support, ideally beyond $0.0040, to consolidate gains made.
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