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The Dogecoin price has soared more than 26% in a week after a 4% pump in the last 24 hours to trade at $0.1736 as of 11:22 p.m. EST.
Not only is the DOGE price up over the last 24 hours and 7 days, its monthly performance is also in the green by more than 42%.
Dogecoin Price Breaks Resistance
4-hour chart for DOGE/USDT (Source: TradingView)
The Dogecoin price broke above the major resistance level at $0.16920 in the last 24 hours and is attempting to overcome the next barrier at $0.18282. Rising above this technical threshold within the next 12 hours could see the leading meme coin continue its rise.
However, DOGE failing to close a 4-hour candle above $0.18282 within the next 12 hours could invalidate the bullish thesis. In this alternative scenario, the Dogecoin price might undergo a correction as traders begin to realize their profits. The meme coin could subsequently drop below the $0.16920 mark.
Continued sell pressure should DOGE lose the support of the $0.16920 mark might then lead to it falling to the next technical safety net at $0.14920. An extremely bearish scenario could see the Dogecoin price fall to as low as $0.12835 in the short term.
Technicals Warn The Dogecoin Price Might Be Losing Its Bullish Strength
From a technical perspective, indicators on DOGE’s 4-hour chart warn that the meme coin’s bullish momentum is starting to cool off. More specifically, the Moving Average Convergence Divergence (MACD) and the Relative Strength Index (RSI) are showing negative signs.
In the last few hours, the MACD line has started to fall towards the MACD Signal line. Traders usually see this narrowing gap as an indication that a crypto’s bullish trend is nearing its end .If the margin between the two lines continues to shrink, it could lead to a bearish crossover between the MACD and MACD Signal lines.
Meanwhile, RSI readings have decreased in the last couple of hours. The RSI has also recorded several lower highs while DOGE has printed higher highs, indicating a bearish divergence. Now, the RSI is about to cross its Simple Moving Average (SMA) line as well. If this happens, it could signal that sellers have gained the upper hand against buyers.
As DOGE technicals flash bearish, investors keep flocking to meme coin rival Crypto All-Stars (STARS), which YouTuber Jacob Bury told his 42K subscribers has the potential to soar 10X after launch.
An Innovative Solution For Meme Coin Lovers To Grow Their Holdings In One Place
Crypto All-Stars (STARS) is a new meme coin project that aims to introduce an unprecedented amount of utility to the lighthearted sector of the crypto market. At the project’s core is its MemeVault offering, which lets meme coin investors earn passive rewards by staking top meme coins in one place.
Already supported on the Crypto All-Stars (STARS) platform are big name cryptos including DOGE, SHIB, PEPECOIN, FLOKI, BRETT, MOG, LADYS, TOSHI, COQ, BONK, and TURBO. More options are scheduled to make their way to the platform in the coming weeks.
All tokens locked in the MemeVault will generate staking rewards that are paid out in STARS.
In addition to the staking rewards earned by locking up top meme coins, staking STARS itself brings a huge 540% annual percentage yield (APY). That gives holders access to the rare opportunity to compound their rewards.
With its meme coin appeal, and the huge APY currently on offer to investors, it’s easy to see why analysts and experts are bullish on STARS.
An Investor Frenzy Erupts Around STARS During Its Presale Stage
Crypto All-Stars is charging towards the $3 million mark in its presale, with more than $2.86 million already in the bag.
Anyone can purchase and stake STARS through its official website. Selling for $0.0015309, the token can be bought with ETH, USDT, BNB, FLOKI, SHIB, PEPE or bank card.
Visit STARS here.
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