As the bulls regained strength over the last few days, several cryptocurrencies saw relief. Dogecoin has risen by 8% in the previous 24 hours following impressive gains. At the time of writing, the coin was worth $0.151. Market movers were seen trading in the green, which caused altcoins to rise higher on their charts.

Following the market’s bullish sentiments, the global cryptocurrency market cap stood at $2.26 Trillion, up 6.7 percent. BITCOIN was trading at $47,800, a multi-month high for the cryptocurrency, and ETHEREUM was priced at $3400, a level it last saw in January.

Dogecoin was spotted trading in an ascending channel (white), considered bullish. DOGE/USD has risen by nearly 26% in the last week. Elon Musk’s Tweet, in which he expressed his admiration for the idea of replacing Twitter’s logo with Doge’s, fueled the memecoin even further.

This comment was consistent with Musk’s recent tweet, implying that Twitter is not a platform that allows users to exercise their free speech. Following these tweets, Dogecoin experienced another double-digit increase in a single day. The previous session’s volume traded was also green, indicating positive price action.

The coin’s overhead resistance was $0.160; the memecoin last traded near that level in February. If the bulls keep pushing, the coin may return to the resistance line. On the other hand, a price retraction would see Doge trade near the $0.143 and then $0.134 support levels.

Dogecoin Technical Outlook

Dogecoin forms a cup and handles pattern. DOGE/USD on TradingView is the source of this image. Dogecoin has been moving back and forth from oversold territory. With the bulls gaining strength by the day, the memecoin has attracted many buyers. The Relative Strength Index, which measures buying power, is traded above the 80-point mark. This reading represents overestimated tendencies.

Similarly, the coin’s price traded above the 20-SMA line, indicating a bullish stance. This meant that the market’s buyers were responsible for driving the price momentum at the time.

Considering the cup and handle pattern that the cryptocurrency has formed on its charts, Dogecoin could keep moving northward. However, this pattern appears when the market is extremely bullish. The memecoin may strive to trade above its immediate resistance level of $0.160.

The MACD indicator indicates bullish momentum. The MACD indicator shows the market momentum of a specific coin. In terms of the other indicators, Dogecoin showed a possibility of moving higher, characterized by bullish market momentum. If Doge breaks through the $0.153 price level, the bulls may not be done yet.

MACD experienced a bullish crossover on the four-hour chart, and the indicator displayed amplified green histograms, indicating that market momentum was still bullish at the time of writing.