Why Is Dogecoin (DOGE) Price Up Today?

The post Why Is Dogecoin (DOGE) Price Up Today? appeared first on Coinpedia Fintech News

The crypto market has added 3.32% in valuation over the past 24 hours. With this, it is currently valued at $2.44 Trillion. Moreover, with Bitcoin price retesting the $73k level, memecoins have regained strength.

With the ongoing bullish recovery in the cryptocurrency market, will the Dogecoin crypto token make a comeback this November? Moreover, is this the last chance to buy it before it hits $0.2? In this article, we have covered the short-term price analysis of the largest meme coin.

DOGE Crypto Forms An Ascending Channel Pattern!

With a jump of ~3% in the past 24 hours and a trading volume of $3.34 billion, the Dogecoin meme coin has reclaimed the $0.17 mark. Moreover, it has jumped 24.25% over the past week and 41.85% during the past 30 days. Notably, it has formed an expanding channel pattern and continues to trade within it.

The SMA indicator constantly supports the DOGE memecoin price chart in the 1D time frame. This indicates a strong bullish sentiment for the altcoin in the cryptocurrency market.

The Moving Average Convergence Divergence (MACD) has displayed a constant green histogram with its averages showing a significant uptrend in the trend chart. With the current market sentiment, the Dogecoin price may continue gaining value this week.

Will Dogecoin Price Hit $0.23 This November?

If the market continues favoring the bulls, this could push the DOGE crypto price toward its resistance level of $0.18225. Furthermore, if the bullish sentiment sustains above that point, this could result in it testing its important resistance barrier of $0.20.

However, if a bearish trend reversal occurs, the Dogecoin price could drop toward its support level of $0.155. Moreover, if the favors turn against the crypto space, this memecoin could further plunge toward its lower support of $0.127.

Considering investing in this memecoin before it hits $0.2? Read our Dogecoin (DOGE) Price Prediction to uncover the long-term price possibilities of the largest meme coin by market cap!