Meme coins were having a difficult time since the reversal in the crypto market, even more difficult than the rest of the market. Their losses during the crash were huge, they kept making lower lows, while a number of main cryptos either placed a base or were making higher lows and they were not reversing higher during late July, as did Bitcoin and other cryptocurrencies.

The reversal only started in the second week of August, after most cryptos had nearly doubled in price for more than two weeks. Even that looked disappointing, as Dogecoin still remained below the 100 SMA (green) on the daily chart. Moving averages were keeping DOGE/USD down during the bearish period, so the bullish trend would only be official once they were broken and turned into support.

That’s exactly what is happening. Meme coins resumed the bullish momentum again last week and now it seems like this is turning into a bullish trend for Dogecoin, as well as the Shiba Inu coin, which is also making decent gains after being really bearish in the previous months.

Dogecoin Live Chart

Dogecoin pushed above the 100 SMA on the daily chart, reaching $0.3514 on my broker’s platform, so it doubled in price as well, after bottoming out at $0.16. Early this week the crypto market reversed down and made a decent pullback lower, pulling Dogecoin down with it.

But, that seemed more like some profit-taking after such a great rally in this market during the past month, before the bullish momentum returned again. Now that the refresh of the uptrend is over, cryptocurrencies have resumed the bullish trend. Doge has bounced off the 100 daily SMA which confirms the bullish trend scenario. The reversal came after the price formed a doji candlestick on Wednesday, which is a bullish signal after the retreat down. Now, DOGE/USD is looking increasingly bullish, so we are thinking of going long and the trade you can see/follow on our forex signals page once we open it.