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Following
DOGE Dogecoin leads the currency in market capitalisation, with a strong rebound late on the weekend to hit a two-week high.
On Saturday night, the price of Meme Coin based on market value soared to US$0.094, the highest level in two weeks. Given that markets are usually calm over the weekend, this trend is quite unexpected.
However, there have been some signs of a potential rebound before. Although DOGE had fallen back from a local high to around US$0.09 as of press time, market sentiment remained positive.
Three major bullish signals are issued on the technical side.
CryptoPotato pointed out yesterday that DOGE has three main technical signals, including TD series indicators. Analysts quickly judged that this old memecoin was ready to start the next round of rising prices.
However, the initial trend was not as strong as expected. Affected by strong employment data in the United States, risk-appetite assets were generally under pressure, and the entire market fell into a downturn. Against this backdrop, DOGE encountered resistance at $0.088 and fell back to $0.084.
Despite this, DOGE erupted suddenly late Saturday, rising sharply 12% from yesterday's low to hit a two-week high of $0.094.
Analyst view: The key resistance level is about to break through
Well-known analyst CW pointed out that the memecoin has hit the first major sell wall on its upward path, and this resistance level is currently extremely strong and difficult to easily break through. If prices pull back, the next key resistance level is at $0.14.
Alex Marzell, another analyst, believes DOGE "did exactly what it needed to do." He rebounded from Friday's lows and regained key resistance.
Alex Marzell said: "Following Friday's employment data, prices fell to underlying support at $0.083. Subsequently, six consecutive 4-hour K-lines stabilized the situation, and today's 4-hour K-line directly pulled up from US$0.0876 to US$0.0952, strongly breaking through the resistance level of US$0.088."
He added: "The old resistance level has become the new support line. If I can hold on to $0.088, I think the next target will be $0.095."
Memo breakthrough may herald the start of the shanzhai season
Max Crypto also commented on DOGE's strong performance, even suggesting that its breakthrough may be the "best indicator" for the start of the "Altseason."
