Why Is Dogecoin (DOGE) Price Pumping?

Cryptocurrency analyst Yomi highlighted growing optimism around Dogecoin in recent tweets. He pointed to Dogecoin flashing a 2-week “super trend buy signal” for the fourth time in its history. After previous such signals, Yomi notes that “immediate parabolic price action” tended to follow in the months ahead.

This lines up with Yomi’s analysis of Dogecoin emerging from a 658-day “accumulation range.” He notes a key resistance level around $0.112 that Dogecoin has now broken above. With this pivotal resistance cleared, Yomi suggests the extended period of range-bound trading has ended, allowing prices to trend higher.

Recent Trading Activity Confirms Interest

In line with Yomi’s bullish outlook, the @WatcherGuru X account noted intensifying trading activity around Dogecoin. Specifically, Dogecoin prices rose over 32% in a 24-hour period earlier this week. Trading volume has also spiked 204% to $5.78 billion within 24 hours at the time of writing.

The surge in volume and price appears tied to the resolving technical signals identified by Yomi. Many Dogecoin holders seem to be anticipating and capitalizing on a renewed uptrend. If prices can break above the next resistance level around $0.17, that would likely confirm the rally has further room to run.

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Temitope Olatunji
Temitope Olatunji

Temitope is a seasoned writer with over four years of experience. He specializes in Web3 and FinTech topics and enjoys creating content in these areas. He holds both a bachelor's and master's degree in Linguistics. When not writing, he trades forex and plays video games.