• DOGE trades at $0.4489, marking a gain of over 9.25% over the last 24 hours.
• The meme coin has witnessed a 24-hour liquidation of $28.65 million.

Dogecoin (DOGE), the dog-themed meme coin, is riding the wave of Bitcoin’s rally, which is currently trading at $102,883. If Dogecoin sustains the upside trajectory, it can post notable gains to inch closer to its ATH.

The market of DOGE has picked up an upward trading momentum over the past few weeks. According to analysts, maintaining a price level above $0.40 might trigger a bull run.

Since 2022, Dogecoin’s price has shown key reversal patterns, signaling strong support at the 88% level. Elon Musk’s recent appointment to lead the Department of Government Efficiency (DOGE) by Donald Trump has boosted the sentiment, pushing DOGE toward its all-time high and a secondary target of $1.30.

In the last 24 hours, DOGE has gained over 9.25%. At the time of writing, DOGE trades at $0.4489, which marks a moderate dip from its intraday high of $0.4608. However, the meme coin rests above its crucial support.

Furthermore, the market observed a liquidation of $28.65 million worth of DOGE during this timeframe, as per Coinglass. Also, the daily trading volume of the meme coin has reached $14.55 billion.

Is DOGE Set to Keep Gaining?

DOGE’s four-hour price chart exhibits a brief upward momentum. If the bullish momentum strengthens, the meme coin could push its price toward a new high trading pattern. If the asset maintains the current price movement and holds above the $0.48 barrier, DOGE could likely push the price beyond the $0.50 mark.

On the downside, if the meme coin couldn’t hold its ground, the nearby $0.40 support could be tested shortly. lead to a steeper correction. A steady break below this range could lead to a deep correction at $0.36.

Additionally, the technical chart of the meme coin reports the current bull run with the Moving Average Convergence Divergence (MACD) line crossing the signal line. This crossover likely indicates the incoming uptrend in the market.


DOGE chart (Source: TradingView)

Besides, the Chaikin Money Flow (CMF) indicator is found at 0.16, suggesting a positive money flow, inferring the buying pressure. In the meantime, DOGE’s daily trading volume has increased by over 61.74%.

The current market sentiment of the meme coin is in the neutral zone, with the daily relative strength index (RSI) found at 63.27. Moreover, the daily frame of DOGE displays the short-term 9-day moving average above the long-term 21-day moving average.

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