- The meme coin sector, including PEPE and Shiba Inu, saw gains as Bitcoin reached $63,000.
- Dogecoin’s momentum has slowed after initially breaking past the $0.10 mark.
- Dogecoin shows signs of accumulation with higher pivot lows.
The wider meme coin space awoke this past week, with standouts like PEPE and Shiba Inu gaining ground as Bitcoin tapped $63,000. However, Dogecoin surprisingly saw its upside fade despite reclaiming its own technical resistance around $0.10 amidst the rally.
With bullish momentum now slowing, questions arise about whether DOGE can recapture investor attention to spark its next major advance.
Since marking brutal lows last year, Dogecoin underwent a gradual recovery process – managing to sustain a series of higher pivot lows indicating accumulation. But after rising to retest former support-turned-resistance around $0.10 in recent days, price progress stalled out noticeably right at familiar obstacles.
Nonetheless, a constructive development comes from DOGE holding firmly above its ascending 200-day weekly moving average. This signals a strengthening technical posture bound to be tested soon at the overhead 200-day MA barrier.
Can DOGE exhibit bullish run?
Presently, momentum indicators like the Directional Movement Index highlight strengthening upside forces. The +DI and -DI lines continue pointing optimistically upwards and diverging, typically preceding sharp bullish breakouts, replicating what occurred during 2021’s parabolic run.
As such, analysts maintain their conviction that an imminent spike through channel resistance appears achievable despite recent lethargy. Any decisive daily or weekly close beyond the 200-day MA and psychological $0.10 mark risks unleashing immediate FOMO back towards’$1.10 resistance thereater.
Markedly different from previous failed upside attempts, this test aligns with broadly improving market sentiment and risk appetite tailwinds. So traders cannot fully rule out this go around catalyzing the long-stalled Dogecoin mania, which finally sustained enough to lift off significantly.
With Bitcoin consolidating after steep gains, capital tends to rotate into riskier assets, perhaps foreshadowing such an outcome for DOGE if key levels get reclaimed.
Failure nonetheless reintroduces downside threats from disappointed bulls trapped at resistance. But with positive signs shining through the noise, Dogecoin looks ready to awaken from its slumber sooner rather than later.
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