The meme crypto Dogecoin (DOGE) is showing signs of a potential bullish reversal after a prolonged slump. According to the latest market data DOGE is trading at $0.144 which translates to a gain of 3% in the last 24 hours. Its market cap stands at $20.83 billion making it the 8th largest crypto asset by that metric.
The 24-hour trading volume for DOGE has surged by over 21% to $1.29 billion reflecting boosted interest from traders. This stability comes after DOGE found support around $0.12010 in early May following a 47% price correction from its recent high of $0.22888 on March 28th.
![DOGE Price Chart: Coinmarketcap](http://media.assettype.com/analyticsinsight%2F2024-06%2F16eaa596-3dc6-49b1-91ad-a0100ba98e7f%2FPicture1.jpg?w=640&auto=format%2Ccompress)
DOGE Price Chart: Coinmarketcap
Technical analysis are pointing to DOGE price action which has formed an ascending horizontal channel suggesting a potential bullish activity could be on the horizon. DOGE has also respected an ascending trendline that has been in play since March 10th, 2023 which is over a year ago indicating the strength of this support level.
Several crypto analysts and influencers have expressed bullish sentiments towards DOGE price prospects. One analyst on Twitter stated that a Dogecoin explosion is coming and that the crypto asset always respects higher time frame parallel channels. The analyst further noted that since DOGE has left the lower support line of the current channel and that the next move could be huge.
Ali Martinez also who is another crypto influencer recently highlighted on his X wall that DOGE has broken out of a descending triangle pattern, which could potentially ignite the next DOGE bull run.
On the technical indicators, DOGE daily Relative Strength Index (RSI) currently stands at 41 showing bearish bias in recent days. However the RSI reading is approaching the oversold region suggesting that a price rebound may be imminent to ease the reading to a more neutral level.
![DOGEUSD Daily Chart: TradingView](http://media.assettype.com/analyticsinsight%2F2024-06%2Fe9cc8aeb-a225-480d-9e5a-b390a8bf2af3%2FPicture2.png?w=640&auto=format%2Ccompress)
DOGEUSD Daily Chart: TradingView
The Moving Average Convergence Divergence (MACD) indicator also appears bearish at the moment with the MACD line below the signal line, indicating bearish momentum. However a bullish crossover could occur if bulls show renewed interest at the current level.
Data from IntoTheBlock reveals that 78% of DOGE holders are currently making money at the current price while 3% are at breakeven and 19% are in a loss position. Also the concentration of large holders stands at 63% suggesting a significant presence of whales in the DOGE market.
Looking further at CoinGlass data since June 7th, it shows that the long-short ratio has been increasing indicating more long positions being executed, potentially setting the stage for a price surge.
![Source: Coinglass](http://media.assettype.com/analyticsinsight%2F2024-06%2Faaba748d-57fc-4acb-94ec-5709e55d8d3e%2FPicture3.png?w=640&auto=format%2Ccompress)
Source: Coinglass
Disclaimer: Analytics Insight does not provide financial advice or guidance. Also note that the cryptocurrencies mentioned/listed on the website could potentially be scams, i.e. designed to induce you to invest financial resources that may be lost forever and not be recoverable once investments are made. You are responsible for conducting your own research (DYOR) before making any investments. Read more here.