Dogecoin price spiked on Friday, rising by 3.5 percent to break a three-session downturn and trade at $0.129. The dog-themed meme coin signaled an impending upturn on Thursday when more than 7.3 billion DOGE tokens were bought within 24 hours. However, the trading volume had dropped by 9 percent in the previous 24 hour timeframe as of this writing, sending a caution to buyers.
Meme coins have been flashing signs of a potential bull run this week, and Dogecoin’s status as the largest meme coin by market capitalization places it at a vantage point. PEPE, BONK, FLOKI, MOG Coin and Dogwifhat were all on course to register gains on the weekly chart at press time.
Dogecoin price momentum indicators
On the 2-hour frame the 20-SMA is well above the 50-SMA, signaling that the momentum on Dogecoin price is currently in favour of further upside. Also, the Relative Strength Index (RSI) is at 54, which supports the upside view. However, a stay above the psychological mark at $0.130 will be crucial in building a sustainable near-term upside momentum.
That said, DOGE price is still down by 7.3 percent on the weekly chart, meaning that it might take some time to clear the downside-facing momentum created by the recent selling spree.
Support and resistance levels
On the 30-minute chart, look for a continuation of the upside above the $0.127 pivot mark. That could see the establishment of the first resistance at $0.130. However, if the buyers manage to clear that level, the resulting momentum could propel DOGUSD higher to test $0.132.
Conversely, a downside momentum will likely set in if the price slips below $0.127. That could establish the first support at $0.125. A breach of that mark will not only invalidate the upside narrative, but could also strengthen the downside momentum to head lower and establish the second support at the 20-SMA/50-SMA crossover at $0.124.
