Dogecoin is showing strength and appears determined to make new yearly highs. In the following, we take a look at a few technical indicators that might provide some insights into why DOGE’s price is up today.
1. New Yearly High Imminent
Buyers came in strong at the 13 cents support. Since then, the price entered a sustained uptrend that seems ready to test the key resistance at 21 cents. If successful, DOGE will make a new yearly high. That could unleash even more buying pressure.
2. Buyers Rush to the Key Resistance
Sellers are absent and unable to stop this rally. DOGE took full advantage of this opportunity and appears determined to break the 21 cents resistance. The momentum is also strong and continuation of this price action is likely.
3. MACD Bullish Cross Confirmed
This week, the daily MACD has crossed on the bullish side. The histogram is making higher highs, and by the looks of it, this rally could only be starting. This is promising and sellers may only appear much later once the price approaches 30 cents if the current resistance falls.
