With the crypto market looking like it’s recovering from the latest dip, Dogecoin (DOGE) prices are on the rise in early trading on Thursday, strengthening by almost 6% in the past 24 hours. At the time of writing, DOGE/USD is trading at around $0.23.

Despite its recent gains, the leading memecoin has lost more than a quarter of its value over the past week. The downtrend in DOGE and other cryptocurrencies across the board was triggered by news reports about China shutting down crypto mining activities in the Sichuan region, even as digital currencies come under regulatory scanners across the world lately.

Dogecoin’s recent jump was supported by a recovery in Ethereum prices, which rose above the key $2,000 level; although they have since eased back down under this level again. Meanwhile, the downslide in market leader Bitcoin seems to be on hold for now; however, analysts are torn between the possibility of further downside and a recovery towards the $35,000 mark for BTC.

While the Dogecoin price is trending higher, many in the market remain unconvinced of bullish momentum forming. Until the sentiment in the overall crypto market turns back up again, a rally in the memecoin or any other leading digital assets is likely to be short-lived while volatility could remain extremely high in the near-term.

Key Levels to Watch

On the 4-hour chart, most of the larger moving averages and the momentum indicator are suggesting a bearish bias in DOGE/USD. On the other hand, the MACD indicator and smaller moving averages are pointing to some interest forming among buyers which could potentially take DOGE’s price higher.

However, a confirmation of an uptrend can only happen once Dogecoin rises above the support level at $0.24 as well as the pivot point at $0.29. However, the likelihood of this happening remains low in the absence of significant positive developments that can overturn the bearish mood in the overall crypto sector in the near-term.