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Dogecoin Surges 5% as Bullish Trends Emerge

Coin WorldThursday, May 8, 2025 4:53 am ET

1min read

Dogecoin (DOGE) has recently exhibited a bullish trend, with its price surging from $0.1650 and surpassing key resistance levels at $0.170 and $0.172. This upward movement is supported by a bullish trend line forming with support at $0.1740 on the hourly chart, indicating a potential floor for the price.

Technical analysts have identified a Diamond Bottom Reversal Formation on the 1-day timeframe, suggesting that the correction phase for DOGE may be coming to an end. This pattern, characterized by converging trendlines forming a symmetrical diamond shape, typically signals a shift to an upward trend following a period of downward movement.

The Price Momentum Oscillator (PMO) is showing signs of a bullish crossover, turning into what analysts refer to as “green time.” This indicator suggests that a phase of positive price movements may be approaching for DOGE. Additionally, the Relative Strength Index (RSI) for DOGE/USD is above the 50 level, indicating growing buying pressure, while the MACD is gaining momentum in the bullish zone.

If DOGE manages to break above the immediate resistance at $0.1780 and the major resistance at $0.1790, it could rally toward $0.185. According to the analyst's forecast, in the longer term, DOGE has the potential to reach $0.35. However, if DOGE fails to climb above $0.1790, it could start another decline, with initial support near $0.1740 and the next major support at $0.1720. The main support sits at $0.1650, and a break below this level could send the price down to $0.1550 or even $0.1450 in the near term.

Some cryptocurrency traders believe that when DOGE makes a bullish move, other meme coins could follow suit, potentially sparking broader enthusiasm in the meme coin sector. This prediction is based on historical patterns, including a 28-day trend that suggests the meme coin is about to break out. The most recent data shows DOGE trading at approximately $0.173 on daily charts, positioning it at a crucial level that could determine its next major move.

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