Dogecoin (DOGE) Price Breaches Falling Channel, Eyes $0.16 Mark as RSI Flashes Overbought Signal

The Dogecoin (DOGE) witnessed a significant uptick and has breached out of the falling channel. Over the past few weeks, DOGE was traded in a downtrend and remained under a bearish influence.

Dogecoin (DOGE) price witnessed a significant uptick and breached out of the falling channel. Notably, DOGE has reached the highest cluster of $0.1340 and retested the 100-day EMA mark. A potential short-term reversal can be seen once DOGE climbs above the barrier of the 100-day EMA mark.

Followed by the shift in the market dynamics in the last few sessions, most memecoins, including DOGE, have noted an uptick in their value. After a long retracement, Dogecoin made a hammer candlestick at the bottom, triggering a reversal from the bottom. Since the beginning of July, the buyers have accumulated the coin and gained traction.

How is DOGE faring?

At press time, the DOGE price trades at $0.1314 with an intraday surge of 3.55%, reflecting neutrality on the charts. It has a monthly return ratio of 5.66% and 79.30% yearly, reflecting short-term consolidation.

The pair of DOGE/BTC is at 0.00000197 BTC, and the market cap is $18.91 Billion. Analysts are neutral and suggest that the DOGE price may stretch the bullish leg toward the $0.16000 mark.

Regarding the market cap, DOGE was ranked at 8 and has a total supply of 143.81 Billion. At the same time, the fully diluted market cap was noted at 0.0507.

DOGE Traders Looked Optimistic

Fueled by the demand surge, DOGE price saw an uptick of over 20% this week and soared high. Buyers have gained momentum and were eager to spread the bullish reversal ahead.

DOGE Price Chart | Source: Santiment

The RSI curve noted a vertical spike and soared to the overbought zone, whereas the MACD indicator plotted the same and guided a bullish crossover on the chart.

“$DOGE smashed through key resistances (EMA200, major downtrend line, $0.127) and is now retesting the crucial $0.127 level.

If it holds, I’m going long with a target of $0.165 (+25% potential). SL just below $0.127. #Dogecoin #CryptoTrading #Bullish”

A Tweet by ETF | Source: X

Per the price action standpoint, once DOGE crosses the $0.1450 mark, it may go ahead toward the $0.1500 mark soon.

Surge In Popularity

The Social Dominance data revealed a pullback and showed an uptick of over 30% to 1.451% this week. This shift revealed the surge in the chatter among the investors on social media platforms.

Social Dominance Data | Source: Santiment

Similarly, the development activity data noted a consistent upmove, soaring over 65% this month. It reflects a rise in the DOGE ecosystem and growth in the community.

Majority Are In Green

Per the IntoTheBlock data, the GIOM (Global In/Out Of the Money) Indicator showed that 76.90% of DOGE addresses were sitting on the gains.

While 22% of addresses faced unrealized losses and sought to secure their gains, this strategic shift hints that its holders have remained optimistic. They continued to deliver their dominance.

GIOM Indicator Chart | Source: IntoTheBlock

DOGE’s holders have dominated the battle and prevented the coin from any unwanted losses. Still, the trend is neutral, and DOGE awaits a significant bullish reversal.

The immediate support levels for Dogecoin are $0.1200 and $0.1120. In comparison, the key upside hurdle is around $0.1430, followed by $0.1500.🎜

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