The Dogecoin price soared 6% in the last 24 hours to trade at $0.1374 as of 03:31 a.m. EST on trading volume that surged 38% to $1.4 billion.
This comes as market sentiment becomes more buoyant with the Crypto Fear and Greed Index surging to 70, up from 25 as recently as July 13.
The meme coin space has also rebounded with a 2% surge in the last 24 hours to a market capitalization of $53 billion.
Dogecoin Price Set For A Trend Continuation Towards $0.17
Dogecoin Price Chart Analysis Source: GeckoTerminal.com
The Dogecoin price dropped significantly in June before consolidating in mid-June to the beginning of July within the $0.12 range, according to data from GeckoTerminal . However, the bears won the struggle for dominance at this level as the token dropped, which then formed a complete inverse head and shoulders pattern.
The DOGE price bulls seem to be capitalizing on the pattern to push the price over the neckline at $0.1275.
DOGE trades well above both the 50-day and 200-day Simple Moving Averages (SMAs), a signal that the token is aiming for a sustained bullish trend. Moreover, the 50-day SMA has finally crossed above the 200-day SMA, forming a golden cross at $0.1194, which is an indication that DOGE is on a bullish rally.
The Relative Strength Index (RSI) also indicates that sellers have the upper hand, as the RSI soars over the 50-midline level and climbs up, closing in on the 70-overbought region, currently at 65.
The Moving Average Convergence Divergence (MACD) also shows that the price of Dogecoin is on a bullish trend, as it trades gracefully above the neutral line. With the green bars on the histogram also trading above the zero line, the DOGE price affirms the positive momentum in the market.
Dogecoin Price Prediction
The Dogecoin price analysis on the 4-hour chart shows a strong bullish stance to the upside, as DOGE bulls capitalize on the inverse head and shoulders pattern to propel the token up, as the bulls target $0.17.
However, with the RSI showing that the token is currently overvalued, sellers may soon take control of the price, which may push DOGE towards a price correction. In such a scenario, the price of Dogecoin could retrace back to the stable support at $0.12.
Meanwhile, as the Dogecoin price aims for a bullish trend continuation, investors are also piling into a Shiba Inu derivative called Shiba Shootout (SHIBASHOOT) , which has amassed over $730k in its explosive presale.
Shiba Shootout Presale Garners Over $730K – Best Meme Coin To Buy Now?
After the launch of the Shibarium blockchain, Shiba Inu is now pivoting towards gaming. But experts are betting on its new alternative, Shiba Shootout.
Set in the heart of the Wild West crypto frontier, Shiba Shootout’s play-to-earn game (P2E) Shiba Sharpshooter is already available on Google Play and the Apple App Store.
The game centers around the town of Shiba Gulch, a bustling digital settlement where Shiba lovers gather to challenge each other.
Token holders can earn passively by staking $SHIBASHOOT tokens for an annual percentage yield of 1,387%.
99Bitcoins, a crypto channel on YouTube with over 705K subscribers, says the $SHIBASHOOT project gives investors ”insane rewards.”
If you are interested in participating in the presale, you can buy the SHIBASHOOT token for $0.0196. But hurry as the price will increase in less than two days.
Buy SHIBASHOOT tokens on the official website here using ETH, BNB, USDT, or a bank card.
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