Dogecoin Price Surges Beyond 0.0615 Dollars – Could This Mark the Beginning of a Bull Run?

Crypto News- DogeCoin’s price is showing strength on Friday due to renewed bullish sentiment in the overall cryptocurrency market. This optimism has been fueled by discussions regarding the approval of the first Ethereum futures ETFs, which are set to start trading on October 3. Dogecoin, the largest meme coin, has responded positively to this news, along with other major cryptocurrencies.

Dogecoin Price Surges Beyond 0.0615 Dollars – Could This Mark the Beginning of a Bull Run?

Currently, Bitcoin has risen by 2% to $26,970, Ethereum has increased by 3% to $1,650, and XRP has gained 2.4% to reach $0.509 on Friday. This bullish trend has had a positive impact on the entire market, with the total market capitalization increasing by 2.1% to reach $1.1 trillion.

Dogecoin’s price has been on the rise after finding support at $0.06. It is currently trading above key levels, including the 50-day Exponential Moving Average (EMA) at $0.0612 and a descending trendline that has been present for a month.

Despite these bullish signals, it’s advisable for traders to wait until Dogecoin breaks through the resistance at the 100-day EMA (blue) before considering long positions. Such a breakout is likely to attract more investors to Dogecoin and potentially lead to increased trading volume.

There is a possibility that sellers may attempt to take advantage of potential resistance areas, such as the descending trendline between $0.062 and $0.063. Once these obstacles are overcome, the focus will shift to the next hurdle at $0.063, with the 200-day EMA (purple) just below it at $0.0628. A successful break above this level could potentially initiate the next bullish rally for Dogecoin.

The MACD on the daily chart maintains a bullish outlook, and the Relative Strength Index (RSI) supports the ongoing uptrend. However, caution is advised, as Dogecoin is still trading below all three major daily moving averages, putting bulls at a disadvantage. This means that sellers have opportunities to exploit weaknesses and potentially dampen the uptrend.

The first significant bullish confirmation on the daily chart would be a breakout from the narrow range channel with the upper limit at $0.064, reinforced by the 50-day EMA. Another bullish signal would come if Dogecoin surpasses the multi-month descending trendline around $0.07 and includes the 200-day EMA in its ascent. From this point, the path to $0.1 could become relatively clear.