Dogecoin

bullish

Elon Musk

<ul class="wp-block-list">
 <li>Analysts are optimistic about Dogecoin’s potential rally, with significant resistance levels to watch.</li>
 <li>A recent accumulation phase by miners is helping limit sell-side pressure, supporting bullish sentiment for DOGE.</li>
</ul>
Dogecoin is experiencing a bullish momentum at <a href="https://coinmarketcap.com/currencies/dogecoin/" target="_blank" rel="noopener noreferrer nofollow">press time</a>. DOGE is the top <a href="https://thenewscrypto.com/could-dogecoin-doge-lead-the-next-memecoin-rally/" target="_blank" rel="noopener noreferrer nofollow">memecoin</a> with 1.21% in market cap next to SHIB. DOGE is currently trading at $0.11006, reflecting a 2.34% increase in value. Over the past 24 hours, trading volume has surged to $701 million, up 16.29%, contributing to a market cap of $16 billion—a 2.41% increase. Despite this positive momentum, DOGE remains approximately 85% below its all-time high of $0.7376.
Furthermore, a bullish forecast from analyst TradingShot highlights that Dogecoin has completed an accumulation phase, a critical precursor to potential price rallies. This phase appears to have been supported by miners, who have acquired approximately $25 million worth of DOGE in the last two months. In addition to this, <a href="https://thenewscrypto.com/elon-musk-picks-doge-as-official-mascot-for-dept-of-government-efficiency/" target="_blank" rel="noopener noreferrer nofollow">Elon Musk</a> has announced DOGE as the mascot for his new Department of Government Efficiency.&nbsp;
<h3 class="wp-block-heading" id="h-are-bullish-signals-emerging">Are Bullish Signals Emerging?</h3>
Analysts are optimistic about a potential bullish breakout for Dogecoin. According to <a href="https://x.com/ali_charts/status/1838778199561379896" target="_blank" rel="noopener noreferrer nofollow">crypto analyst Ali</a>, the moving average is $0.10662 and is trending upward, indicating a bullish streak. The Relative Strength Index (RSI) stands at 58.78, approaching overbought territory, while the stochastic RSI has shown a bearish crossover, suggesting a possible short-term correction before a significant upward move.
<div class="wp-block-image">
 <figure class="aligncenter is-resized"><img decoding="async" src="https://lh7-rt.googleusercontent.com/docsz/AD_4nXc61uVXR7aWsZIeqYTNJR0o_fF_luCthUzLmkPqaA44BCAB6uMpb0rZP5jGR-naV7lxVYbbB9Be-coijN8gO2FAg7P42THduLGQ7svmGojpxx0fQWiRVo22l326wzqy-SfpacfgipG9lLFO5ivFNmaalC6u?key=Vaw5w9po8BRcFbQhrzMhXg" alt="" style="width: 100%;height:auto">
 <figcaption class="wp-element-caption">DOGE Price Chart (Source: <a href="https://in.tradingview.com/chart/B6Kef6U4/?symbol=BINANCE%3ADOGEUSDT" target="_blank" rel="noopener noreferrer nofollow">TradingView</a>)
 </figcaption>
 </figure>
</div>
Resistance levels are crucial for DOGE’s next steps. The primary resistance is $0.14086, last reached on July 21, while the next significant resistance is $0.13449. If DOGE can surpass the $0.11268 resistance, there may be potential for further bullish movement. The coin’s block size recently hit a 7-day low at 40,203,611 bytes, indicating reduced network activity.
In summary, while some indicators suggest a potential short-term correction, the overall sentiment remains bullish. If resistance levels can be breached, Dogecoin could be poised for a significant rally shortly.
Highlighted Crypto News Today: <a href="https://thenewscrypto.com/is-bitcoin-btc-set-for-a-bullish-breakout-above-66500/" target="_blank" rel="noopener noreferrer nofollow">Is Bitcoin (BTC) Set for a Bullish Breakout Above $66,500?</a>

Is Dogecoin on the Verge of a Bullish Breakout?

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