The well-known meme coin Dogecoin (DOGE) has had a big price surge, rising by almost 12% in value. The coin’s value surge caused it to reach a price of $0.068, arousing curiosity among cryptocurrency enthusiasts.
Co-founder of Dogecoin Billy Markus took notice of the recent bull run. He responded to the price increase with a brief but positive “Nice.” The co-founder of the currency has responded favourably to the price gain, although a sizable segment of the crypto trading community seems unconcerned about it.
There may not have been a significant response owing to a number of reasons, including market instability or the unpredictable fluctuations of meme coins.
According to a technical analysis, Dogecoin is struggling to overcome a big resistance level. Despite the bullish action, the 50 Exponential Moving Average (EMA) barrier level has not been decisively broken by DOGE. At least three times, this resistance has been challenged, and each time, the price has developed significant wicks over it. The price has since fallen back below the 50 EMA, indicating that none of these attempts have been successful.
A popular technical analysis tool known as the 50 EMA averages a coin’s price over the previous 50 periods to provide traders an idea of probable support and resistance levels. Generally speaking, a coin trading above the 50 EMA is considered bullish, and a coin trading below the 50 EMA is considered bearish.
Dogecoin’s price increase is notable, but the market appears to be hesitant given the failure to breach and remain above the 50 EMA. Due to the coin’s recent poor performance and the likelihood of a market correction after a strong run in June, traders may want to exercise caution.
