Dogecoin is the best performing cryptocurrency in the current timeframe out of the top hundred. The cryptocurrency has accumulated gains of 24% both in the daily as well as the weekly timeframe. DOGE started off on a strong uptrend since August 6th and the market has been overtaken by the bullish momentum. Dogecoin stands at a price level of $0.26 at the time of writing. The daily trading volume has shot upwards by 400%. DOGE is the seventh largest cryptocurrency in the market with a capitalization of $35 billion.
Technical analysis
The market sentiment for Dogecoin is bullish given the uptrend. Fifteen out of the total twenty-six technical indicators are giving out a signal of buy. Nine indicators of the rest are standing at a neutral position and only two indicators are bearish with a sell signal. The Oscillators are neutral while the Moving Averages are strongly bullish.
According to an analysis, Dogecoin has been operating in a descending triangular formation. The recent shift in the market movement towards the upside has caused DOGE coin to break out from the formation to the upside. Although the break out has been confirmed, the bullish trend may not be validated yet as the cryptocurrency is facing an immediate resistance. The resistance at the price level of $0.26 is a crucial level where the coin has faced rejections in the past. If DOGE breaks above the resistance level and establishes it as support, then the bullish trend will be confirmed.
Will Dogecoin break above $0.26 in the coming days?
Dogecoin had become an internet sensation ever since Elon Musk became a supporter of the cryptocurrency. The development team – along with Musk – is working diligently on the cryptocurrency which gives it a bullish future outlook. Wallet Investor estimates the price of the cryptocurrency to be operating at $0.41 in a year’s time. Digital Coin Price predicts DOGE will end the year at $0.36.
