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The markets are experiencing a significant shift in momentum, with the bulls gaining the upper hand. From a larger perspective, Dogecoin’s price has remained under bearish influence, as the token has not risen above the 30-day high close to $0.2. However, the current trade setup suggests the bulls are gathering strength, keeping the DOGE price within an accumulated range. The token has secured a $27 billion market capitalization with a 45% increase in volume, while the price remains elevated, hinting towards the growing dominance of the bulls.
In recent times, the memecoin space has witnessed a massive rise in its population. Previously, Dogecoin was the sole king of the space until other tokens like Shiba Inu or Pepe jumped in. Despite this, Dogecoin continues to remain the top memecoin, even though the growth remains restricted within a range compared to the other tokens. However, the data from LunarCrush suggests Dogecoin continues to remain dominant in terms of Social activity.
This suggests the market participants continue to remain optimistic as they still believe the DOGE price has the potential to rise above the current ATH and form a new one. Currently, the token is pressing up against a strong resistance zone near $0.183 after forming higher lows in a bullish ascending triangle. Therefore, a breakout from here may initiate a fresh upswing, targeting the next stop at $0.188.
The above chart displays the possibility of rising to the upper resistance between $0.1927 and $0.1992. However, the technicals hint towards a potential pullback or an extended consolidation below the resistance. It’s because of two reasons: the RSI displays a bearish divergence and the CMF is failing to rise above the resistance it held throughout March until now. However, these are expected to have a short-term impact on the price, as the bulls are primed to keep up the trend regardless of the bearish pressure being induced at frequent intervals.
Hence, the Dogecoin (DOGE) price is believed to maintain a consolidated ascending trend to reach $0.2, but only if it surpasses an important resistance at $0.192.