Dogecoin Price Prediction: Technicals Flag Bullish as DOGE Attempts to Break Through a Supply Wall

Over the past 48 hours, #DOGE has displayed notable strength, with closing prices on the 4-hour chart steadily climbing from $0.08924 to $0.09506. This upward trend has been accompanied by increasing trading volumes, reflecting heightened market activity and interest.

Examining key technical indicators, the Exponential Moving Averages (EMAs) reveal a positive momentum. The 9 EMA consistently stands above the 20 EMA, indicating a bullish trend. Additionally, the Moving Average Convergence Divergence (MACD) histogram depicts a rising trend, with the MACD line consistently above the signal line, further corroborating the bullish sentiment.

Relative Strength Index (RSI) readings also suggest a bullish bias, consistently hovering in the overbought territory. While high RSI values may signal potential overextension, they also indicate strong buying pressure and upward momentum.

Considering resistance and support levels, the Dogecoin price faces immediate resistance at $0.09713, followed by stronger resistance at $0.0983. On the flip side, key support levels lie at $0.09399 and 0.09303. These levels serve as crucial markers for potential price reversals or continuation of the current trend.

For traders considering long positions, a potential entry could be when the #Dogecoin price closes a 4-hour candle above $0.09830, as this will place the meme coin’s price above a supply zone. On the other hand, a potential short entry could be when $DOGE breaks below $0.09303, which is the lower boundary of a demand zone.