Given the positive mood in the cryptocurrency market, DOGE could crack the $ 0,25 mark in the coming hours.
The cryptocurrency market has shaken off recent bearish trends and has been trading in the green for the past 24 hours. Bitcoin has risen by over 2%, trying to overcome the $ 35,000 mark.
The Bitcoin rally also spurred other cryptocurrencies: Dogecoin, for example, has also gained 1.3% in the last 24 hours. The general market rally could continue this week, with DOGE likely to overcome the $ 0.25 mark 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 Forecast
Dogecoin remains one of the leading cryptocurrencies and one of the top performers of the last 24 hours. After defying a bear move towards the $ 0.20 mark, the bulls managed to push the price up, so DOGE is now trading at $ 0.22 per coin.
The DOGE / USD pair could move towards the 100-day SMA at $ 0,2377. A rally beyond the 100-day SMA could give Dogecoin the momentum it needs to overcome its 7-day high of $ 0.2499.
Dogecoin’s overall price history is currently showing bullish momentum. The cryptocurrency is recovering from last week’s losses as it dipped off the $ 0.25 mark. And this despite the fact that Elon Musk claimed that Dogecoin is more suitable as a payment currency than Bitcoin and ether.
Chart DOGE / USD. 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 area, while the 14-day RSI is approaching the OB area. This indicates a positive trading pattern of the cryptocurrency and the price may continue to rise.
However, given the ongoing bear sentiment in the broader market over the past few weeks, the bears could take back control. In this case, it would be possible for the DOGE/USD pair to slip below support at $ 0,20. Any move towards the $ 0.20 mark could expose DOGE to the $ 0.15 range where the cryptocurrency was last on June 21.