Disclaimer: The information presented does not constitute financial, investment, trading, or other types of advice and is solely the writer’s opinion.
- Another significant price pump maintained DOGE’s upward rally.
- The spike in social dominance highlighted bullish sentiment.
Dogecoin [DOGE] bulls rallied significantly over the past 24 hours to reach a new July high. Building on the foundation of flipping the $0.0700 resistance to support, bulls registered gains of 11% to advance beyond the key $0.0750 price zone.
Read Dogecoin’s [DOGE] Price Prediction 2023-24
DOGE recorded these gains, despite a general slump in the market with Bitcoin [BTC] experiencing dwindling fortunes. As of the time of writing, the king coin continued its price dip toward $29k.
DOGE bulls continue upward trend
Source: DOGE/USDT on Trading View
DOGE’s upward price trajectory got a timely boost over the past day. Previously, its upswing had suffered key retracements at critical price levels, stalling the bullish momentum. However, an influx of capital saw DOGE continue its bullish push.
The Chaikin Money Flow (CMF) highlighted the buying pressure behind the latest bullish advance. The CMF recorded a sharp spike out of negative territory and stood at +0.13, as of press time. The Relative Strength Index (RSI) responded by briefly touching the overbought zone. Despite the retracement, the RSI reading of 64 showed the massive demand for DOGE.
Conversely, the bounce off the $0.0700 support level on the lower timeframes saw DOGE break the lower lows of the bearish swing on the higher timeframes. This signaled the strength of the current bullish rally.
If bulls cross the $0.0805 hurdle, the bullish trend could ride up to the year-high price zone of $0.1000. However, a price rejection at the $0.0805 resistance level could drop DOGE into a range between $0.0700 to $0.0800.
Social dominance highlighted bullish market sentiment
Source: Santiment
Data from Santiment showed a huge spike in DOGE’s social dominance. The sharp rise in the coin’s mentions on crypto-related social media might be connected to Elon Musk announcing the change of Twitter’s logo. The Twitter founder has been a vocal supporter of Dogecoin and this recent rebrand was interpreted as good news for DOGE holders.
Similarly, the 90d Mean Coin Age maintained its ascent, hinting at a network-wide accumulation of Dogecoin. Together, this pointed to more gains for DOGE holders with meme coins riding on social popularity to record massive gains within a short period.
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