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DOGE: Why further gains are still possible

2min Read

Regardless of the short-term pullback, DOGE bulls remain confident of the memecoin’s bullish trend.

DOGE: Why further gains are still possible

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Disclaimer: The information presented does not constitute financial, investment, trading, or other types of advice and is solely the writer’s opinion.

  • DOGE maintained its uptrend, although prices retraced from the July high.
  • Mean coin age continued to trend upwards.

Memecoin traders have enjoyed fair winds, despite the bearish conditions of the crypto market. Dogecoin [DOGE] posted impressive returns over the past week, rallying by 20%. Other related coins, such as Shiba Inu [SHIB], enjoyed similar gains over the same period.


Realistic or not, here’s DOGE’s market cap in BTC terms


With memecoins gradually decoupling themselves from Bitcoin’s [BTC] price action, are more gains likely for DOGE?

Bulls maintain uptrend despite pullback

DOGE (Dogecoin) price chart on dark background with green and red price bars

Source: DOGE/USDT on Trading View

DOGE continued its recovery from its bearish June streak that saw it sink to a year-low of $0.053. This led it to a new July high of $0.083 on 21 July and flipped DOGE bullish on the daily timeframe after it broke the previous lower low.

While DOGE experienced a retracement at the $0.083 price level, the pullback eased off at the 23.6% Fib level ($0.076). This offered buyers a new opportunity to join the bullish ride. Bulls will be targeting the $0.083 and $0.091 price zones on this next bullish charge.

However, buyers will need to be wary of lurking bears at the current price level. A break below the 23.6% Fib support could see a deeper retracement to the 38.2% Fib level ($0.072) or the 50% Fib level ($0.068).

Despite the Relative Strength Index (RSI) easing from the overbought zone, it remained above the neutral 50 to signal the presence of significant buying pressure.

Similarly, the Moving Average Convergence Divergence (MACD) maintained its bullish crossover along with green bars above the zero level.

Investors maintained bullish conviction

DOGE

Source: Santiment


Is your portfolio green? Check out the DOGE Profit Calculator


As per Santiment, DOGE’s Funding Rate maintained its positive strength. It showed demand for the asset was steady, despite the pullback. Also, DOGE’s 90d mean coin age trended upwards, indicating investors’ confidence via the continued accumulation of Dogecoin.

As market conditions continue to improve, DOGE could benefit from a strengthening of its bullish advance.

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Saman Waris works as a News Editor at AMBCrypto. She has always been fascinated by how the tides of finance and technology shape communities across demographics. Cryptocurrencies are of particular interest to Saman, with much of her writing centered around understanding how ideas like Momentum and Greater Fool theories apply to altcoins, specifically, memecoins. A graduate in history, Saman worked the sports beat before diving into crypto. Prior to joining AMBCrypto 2 years ago, Saman was a News Editor at Sportskeeda. This was preceded by her stint as Editor-in-Chief at EssentiallySports.
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