Dogecoin (DOGE) Mitigates Key Resistance at 0.1028 Amid Bearish Trend – Can the Bulls Break Above $0.1162?

The popular memecoin Dogecoin (DOGE) has been on a downtrend, exhibiting extended bearish sentiment in the market.

This plunge affected its investors' confidence, as many wondered if a green day would ever be recorded. However, DOGE's recent price behaviors hint at potential recovery.

So far, it has recorded over 8% increase within the past week, confirming the likeliness of a bullish market in the coming days.

Past and Present Growth Metrics for Dogecoin in Green - DOGE to the Moon?

Since the past year, DOGE has shown its resilience in the ever-growing meme crypto space. The coin hit a yearly increase record of 71.36% in 2023, trading above $0.09 in December.

However, the Dogecoin (DOGE) price has fluctuated since January 2024, with a slight dip in the past month. Today, it boasts a $15.2 billion market cap and over $555.9 billion in 24-hour trading volume.

Its market value is $.1053,indicating a 4.29% increase on September 13.

Market Expert Hints at Growth Factors for DOGE Despite No Recent Ecosystem Developments

A member and crypto analyst in the Dogecoin community on CoinMarketcap revealed some factors that could pump DOGE over time. According to the profile, Dogecoin (DOGE) has been in a downward trend, reflecting the general negative market mood.

However, at the start of the week, the coin saw a brief period of upward movement, suggesting that it might be gearing up for a positive shift.

Over the past five weeks, the price has mostly moved sideways, but the Money Flow Indicator (MFI) shows a strong increase in buying. It has risen from a low of 20 on August 5 to 60.52 today, September 13.

The Relative Strength Index (RSI) also shows improvement, moving past the middle line without strong selling pressure.

These indicators suggest that Dogecoin buyers are slowly gaining strength. If this continues, it could lead to a big rally, driven by growing investor interest and possible large-scale purchases.

DOGE Set to Enjoy Bullish Market Trend in the Short Term - Where Could Resistance Occur?

The chart above represents a bullish Dogecoin market in the coming days to weeks.It is trading a few pips above its 50-day Simple Moving Average (SMA), which is a dynamic support level.

Also, it has formed two green consecutive candlesticks representing the massive BUY orders placed in the market over the past 2 days. As a result, the Relative Strength Index (RSI), at 55.23, is approaching the overbought market region (above 70).

If the BUY orders remain significantlyhigher than the SELL orders, the RSI may become overbought (above 70).

However, since crypto prices fluctuate dramatically, the RSI could retrace to the neutral level at 50 or into the oversold region (below 30). So, investors should keep watching the indicators to identify DOGE's next moves.

DOGE Reacts to Key Flip Zone, Targeting Next Resistance at $0.116

Dogecoin has mitigated its nearest resistance at $0.1029, creating a flip zone in the daily chart above. Considering how flip zones work, this level is expected to trigger significant demand for DOGE, pushing it even higher.

Also, the Moving Average Convergence Divergence (MACD) is bullish with bold green histogram bars, representing the strong bullish momentum this week.

As such, the next resistance at $0.1161 has become the target. If any pullback occurs toward this level, a break below is unlikely. However, if that happens, the next support at $0.0890 could be a new level for a proper rebound for DOGE.

Considering these positive signals for Dogecoin's market, the coin is likely to hit new price levels through the weekend. Nevertheless, crypto traders must adopt adequate risk management strategies and devise smart trade setups to maximize their trading decisions.

While DOGE's next move remains uncertain, investors aiming to buy low and possibly sell high should consider the latest project, $MEMEBET, which is creating a buzz in the market.

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With a play-to-earn (P2E) model, it provides additional rewards for active players and holders, including entry into the elite Degen VIP community.

Join the $MEMEBET Presale: Act Fast!

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