After a retracement from its current high of $0.22960, the price of Dogecoin (DOGE) looks like it is not yet done as the memecoin bounced back and moving toward its current high.

Dogecoin Price Technical Analysis

Dogecoin is one of the few memecoins that have captured the hearts of many crypto investors. Like Shiba Inu and Pepecoin (PEPE), Dogecoin is backed up by a strong and exciting community which has played a huge role in its success so far. 

At the time of writing, the price of DOGE was trading around $0.19713 and was up by over 5% in the last 24 hours. Also, the price is currently trading above the 100-day moving average with very strong bullish momentum in the 4-hour timeframe.

The MACD indicator in the 4-hour timeframe suggests an upward spike. This is so because the MACD line and the MACD signal that was trending below the zero line have both crossed, heading toward the MACD zero line. 

If the MACD line and the MACD signal line manage to cross above the MACD zero, Dogecoin might move higher to create a new high. Meanwhile, the MACD histogram is already trending above the zero line which suggests a bullish momentum.

The Relative Strength Index (RSI) on the 4-hour timeframe also indicates a bullish momentum toward the upward direction as the RSI signal line has crossed above the 50% level and is heading towards the overbought zone. According to the RSI indicator, the strength of the upward movement is still very strong as buyers are still very active in the market.

Potential Retracement On The Downside

Given the price’s previous surge, two major resistance levels and one major support level were created around $0.22960, $0.2244, and $0.19622 respectively. If the price of DOGE manages to move above the resistance level of $0.22441 level, it might move even further upward toward the resistance level of $0.22960. 

At this point, if the price succeeds in breaking above this level, the price might surge higher to create a new high. On the other hand, if the price fails to break above this resistance level, the price might start a new downward movement toward its previous support level of $0.19622. However, a breakout below the $0.19622 level could trigger a new downward trend.

Cathie Wood, the CEO of Ark Invest, has hailed Hong Kong’s strong pro-crypto regulatory policy.

She also urged the United States government to follow Hong Kong’s template for the emerging industry.

Cathie Wood Lauds Hong Kong Regulators

During her address at Hong Kong’s Web3 carnival, Cathie Wood commended the regulatory efforts of institutions like the Securities and Futures Commission (SFC) to clarify the crypto industry. She emphasized the SFC’s role in establishing a robust framework for crypto trading under institutional supervision.

Wood underscored Hong Kong’s emergence as a policy leader, attributing it to the government’s proactive stance toward fostering innovative technologies.

“Hong Kong regulatory agencies such as the SFC have done a very good job. They have provided a very comprehensive management structure to allow virtual asset commodities to be traded…It can be said that Hong Kong is the “leader” in terms of policy. It strongly encourages the development of innovative technology and entrepreneurs. The system of investment and mutual cooperation with the government has given the institution a good model,” Wood remarked.

Indeed, Hong Kong’s regulatory environment has embraced favorable policies for the crypto sector. This has positioned the city-state as a welcoming hub for crypto-related initiatives and growth.

Furthermore, Wood expressed concerns over the absence of a coherent regulatory framework in the United States. She added that this lack of clarity has impeded progress and created an uneven playing field for businesses within the sector.

Over the past year, several crypto firms in the US have lamented the industry’s lack of regulatory clarity. Various federal agencies, including the Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC), have fragmented the crypto industry’s regulatory policies. This has led to confusion and uncertainty among businesses operating in the space.

Wood highlighted the consequences of this regulatory ambiguity. She pointed out that this has led to a talent drain in the sector as US-based crypto firms seek more favorable regulatory climates abroad. Companies like Coinbase and Gemini established international trading platforms last year due to regulatory challenges in their home country.

“The US is currently facing regulatory uncertainty and a brain drain in the blockchain field. If regulators can treat practitioners better and give them more clarity and freedom, we will be able to see better results,” she added.