• Dogecoin (DOGE) rises by 1.09%, with a significant 61.4% increase in trading volume, reaching $4.19 billion.
• A break above the $0.27 resistance could push DOGE toward the $0.30 target zone, signaling further gains.
• RSI at 56.12 indicates moderate buying pressure, while MACD supports bullish momentum with positive growth.

Dogecoin (DOGE) is trending positively, currently trading at $0.2608, which is a 1.09% increase over the past day. There is also a notable increase in the trading volume of the coin, which has shot up by 61.4%, and it now stands at $4.19 billion. This surge is showing growing interest among investors and a high confidence in the market. In the last week, DOGE experienced 13.81%, further strengthening its upward movement.

Source: CoinMarketCap

DOGE Tests Key Resistance, Breakout Could Drive Gains

BitGuru, a crypto analyst, highlighted that DOGE currently tests the essential resistance level of $0.27 after a setback. Should DOGE gain above this point, it might head towards the price point of the target area of $0.30. 

Source: X

Any breakout above the mark of $0.27 would portend additional gains in the cryptocurrency. This is the level of resistance that investors are closely watching to determine the next action of the token.

Furthermore, another analyst, CW, has mentioned that the subsequent sell wall of DOGE is at $0.30. This will be a challenging level and may lead to a bit of consolidation. Nonetheless, the general positivity in the market implies that digital currency can overcome the resistance of $0.30 in the near term, particularly when the market is still on the upswing.

Source: X

Also Read: XRP Ready to Ignite: Analysts Eye Explosive Upside Toward $3.60

RSI and MACD Confirm Continued Bullish Momentum

The Relative Strength Index (RSI) of cryptocurrency is currently at 56.12. This indicates that there is moderate buying pressure on the token, but it is still not overbought. Beyond the level of 50 RSI, the token has the opportunity to grow upward without the fear of an automatic price adjustment. Until the RSI falls below this mark, the cryptocurrency is in a good place for further development.

Source: TradingView

The Moving Average Convergence Divergence (MACD) is also positive. The MACD line is 0.00374, and the signal line is 0.00215, and it shows the rising purchasing momentum. This bullish trend is reinforced by the MACD histogram, which indicates positive growth. This proves that cryptocurrency is on a positive trend and could relate to a further increase in price.

Open Interest Rises, Boosting Bullish Sentiment

According to CoinGlass data, trading volume grew by 50.11%, achieving $10.25 billion, which expresses a high rate of attainment by traders. Open interest increased by 4.72%, which is currently at $4.84 billion. The OI-weighted funding rate stands at 0.0090%, this is yet another bullish indication for the outlook of the token. 

Source: CoinGlass

DOGE remains robust and has favorable technical consonance and market presence. Once it surpasses the resistance at $0.27, DOGE could reach $0.30 in the near future. The future of DOGE is still bright, as there is an opportunity to grow even more in the near future.

Also Read: PEPE’s Bullish Momentum Builds as It Targets $0.0000108 Resistance