Dogecoin (DOGE) has emerged as the top performer among the top 25 cryptocurrencies, posting an approximately 12% price surge within the past 24 hours. This rise positions the popular meme coin ahead of other assets, including XRP, Solana (SOL), and Cardano (ADA), during a broader market altcoin rally.
At press time, the Dogecoin token trades at $0.3602, a leap from its 24-hour low of $0.33356. Investors have taken notice, with the coin’s trading volume surging 45% to reach $3.68 billion. This performance has cemented DOGE’s status as a favorite in the cryptocurrency market, especially amid the current rally boosting altcoins.
Other major cryptocurrencies have also recorded worthy gains. According to CoinMarketCap, XRP climbed 9.18% to $2.68, with its trading volume increasing by 12% to $8.78 billion. Similarly, Solana (SOL) experienced a 5.74% uptick, reaching $186.45. Not to be left out, Cardano (ADA) edged closer to the $1 milestone, climbing 10.09% to $0.99.
DOGE Still in Consolidation Despite Price Surge
Despite its rally, Dogecoin remains consolidated, trading within a symmetrical triangle pattern. This technical setup highlights indecision in the market, with buyers and sellers battling for dominance. For the DOGE token to sustain its bullish momentum, it must overcome immediate resistance at $0.39940, which aligns with the 0.618 Fibonacci retracement level.
Successfully breaching this level could pave the way for a rally toward $0.48464, a critical bull target. On the downside, the support at $0.31416, corresponding to the 0.236 Fibonacci retracement level, serves as a vital cushion. A breakdown below this support could expose DOGE to further losses, revisiting the bearish zone near $0.26150.
Technical Indicators Suggest Optimism with Caution
Dogecoin’s daily chart reveals a cautiously optimistic outlook. For instance, the Moving Average Convergence Divergence (MACD) line has registered a bullish crossover, reading -0.00339 above the signal line at -0.00436. This signals a strengthening bullish momentum, suggesting the token could test its next resistance level at $0.39940.
Meanwhile, the Relative Strength Index (RSI), a key momentum indicator, is currently 52.03. This reading, slightly above the neutral 50-mark, indicates neither overbought nor oversold conditions, leaving room for further upward movement. The RSI’s recent uptick from 42.07 further supports this optimistic trend.
However, both indicators emphasize a consolidation phase rather than a definitive breakout. The MACD histogram remains flat, signaling subdued momentum, while the RSI’s position near neutrality suggests that DOGE’s price could continue trading within the symmetrical triangle pattern until a major breakout materializes.
Also Read: Why is Cardano’s ADA on the Brink of a Bullish Breakout?
Credit: Source link
