Disclaimer: The information presented does not constitute financial, investment, trading or other advice and is solely the opinion of the author.
- Another major price pump maintained DOGE’s upward rally.
- The spike in social dominance emphasized the optimistic sentiment.
Dogecoin [DOGE] bulls rallied significantly in the past 24 hours to hit a new high in July. Building on the foundation of flipping from the $0.0700 resistance to support, bulls registered gains of 11% to move beyond the key $0.0750 price zone.
Read Dogecoins [DOGE] Price Forecast 2023-24
DOGE posted these gains despite a general market slump with Bitcoin [BTC] experiencing dwindling fortunes. At the time of writing, the king coin continued its price drop to $29,000.
DOGE bulls continue upward trend
Source: DOGE/USDT on trade view
DOGE’s upward price trajectory received a timely boost over the past day. Previously, the uptick had been met by major retracements at critical price levels, bringing the bullish momentum to a halt. However, due to an influx of capital, DOGE continued its bullish push.
The Chaikin Money Flow (CMF) highlighted the buying pressure behind the latest bullish run. The CMF registered a sharp spike out of negative territory and stood at +0.13 as of this writing. The Relative Strength Index (RSI) reacted by briefly touching the overbought zone. Despite the retracement, the RSI value of 64 showed the huge demand for DOGE.
Conversely, bouncing off the $0.0700 support level on the lower time frames caused DOGE to break the lower lows of the bearish swing on the higher time frames. This signaled the strength of the current bullish rally.
If bulls cross the $0.0805 hurdle, the bullish trend could rise to the year’s high of $0.1000. However, a price rejection at the $0.0805 resistance level could push DOGE down in a range between $0.0700 and $0.0800.
Social dominance emphasized bullish market sentiment
Source: Sentiment
Dates from Sanitation showed a huge spike in DOGE social dominance. The surge in mentions of the coin on crypto-related social media may be related to Elon Musk’s announcement of the Twitter logo change. The founder of Twitter has been an outspoken supporter of Dogecoin and this recent rebranding has been interpreted as good news for DOGE holders.
Similarly, the 90d Mean Coin Age maintained its rise, indicating network-wide accumulation of Dogecoin. Together, this pointed to more profit for DOGE holders with meme coins riding on social popularity to make huge profits in a short period of time.
