Dogecoin price analysis: DOGE could break $0.25 soon
The cryptocurrency market is trading positively at the moment, and that could see DOGE break past the $0.25 point over the coming hours.
The cryptocurrency market has shaken off recent bearish tendencies and has been trading in the green over the past 24 hours. Bitcoin is up by over 2% and is looking to break past the $35k resistance point.
Bitcoin’s rally has sparked other cryptocurrencies, with Dogecoin also up by 1.3% in the past 24 hours. The general market’s rally could continue this week, and that would allow DOGE to break the $0.25 resistant level in the coming hours.
It comes as no surprise that #BTC is suddenly enjoying a surge in price just before the Weekly Close
Over the past few weeks, $BTC threatened to lose its Higher Low many times, only to reclaim it before the Weekly Close
— Rekt Capital (@rektcapital) July 11, 2021
DOGE price outlook
Dogecoin remains one of the leading cryptocurrencies and one of the top performers over the past 24 hours. After resisting a bear movement towards the $0.20 mark, the bulls were able to push its price higher, and DOGE is now trading at $0.22 per coin.
The DOGE/USD pair could be moving towards the 100-day simple moving average at 0.2377. A rally past the 100-day SMA could give Dogecoin the required momentum to surpass its 7-day high of $0.2499.
The overall Dogecoin price action trades with a bullish momentum at the moment. The cryptocurrency is recovering from the losses sustained over the past week, where it dipped from the $0.25 mark. The decline came despite Elon Musk claiming that Dogecoin would do a better job as a payment currency than Bitcoin and Ether.
DOGE/USD chart. Source: Coinalyze
Reminder: The Dogecoin update is coming soon! It will position Doge perfectly to become one of the most used currencies in the world.
— Matt Wallace ⚠️ (@MattWallace888) July 9, 2021
At the moment, DOGE’s MACD line is in the bullish territory while its 14-day RSI is closer to the OB region, indicating that the cryptocurrency’s trading pattern is positive and its price could soar higher.
However, with the broader market still in a bearish tone for the past few weeks, the bears might regain control again. If they do, then the DOGE/USD pair could slip below the 0.20 support. Any move towards the $0.20 mark could see DOGE exposed to the $0.15 region, which was last seen on 21 June.