Despite the launch of TRUMP and MELANIA memecoins, Dogecoin [DOGE] continues to maintain its leading position in the market.
While these new arrivals have generated excitement and trading activity, DOGE has displayed resilience by keeping its price on an upward trend.
The question now arises: Can DOGE sustain its significance in the ever-changing memecoin landscape?
Dogecoin’s Technical Outlook Indicates Potential Power Move
At the time of writing, Dogecoin was valued at $0.37834, marking a 5.55% surge in the most recent trading session.
An analysis of the charts reveals a distinct ascending channel pattern, with the price consistently moving between the support and resistance levels.
This pattern indicates that DOGE might be gearing up for further advances as long as it remains within this channel.
The 50-day moving average of $0.36853 has proven to be a strong support level, and the price remains well above the 200-day moving average of $0.21111, signaling a bullish trend.
Moreover, the Relative Strength Index (RSI) is currently hovering around the neutral zone, indicating that DOGE is not yet in an overbought state and has room for more upward movement.
Market Sentiment Reflects Continued Accumulation
On-chain metrics paint a positive picture for Dogecoin’s future performance.
The dominance of buyers is evident in the long-versus-short ratio, with green candles consistently outpacing red candles across various timeframes.
This trend hints at strategic accumulation rather than speculative trading, a crucial observation given the ongoing dynamics of the memecoin market.
Recent data shows Dogecoin’s market capitalization surpassing $55 billion, with OFFICIAL TRUMP standing at over $11 billion.
Technical Patterns Highlight Unseen Strength
The ADX-SAR system has generated several bullish signals since November, with each signal preceding notable price movements.
The current technical setup indicates a robust support level around $0.36, reinforced by the 50-day MA.
These patterns, along with a decrease in selling pressure shown in recent trading volumes, suggest an accumulation of positions at higher price levels.
Furthermore, Dogecoin’s RSI maintains a healthy range between 40-60, avoiding overbought conditions even amidst price appreciations.
This technical balance often foreshadows sustained upward trends, especially when coupled with the current volume trends.
The Long/Short ADX-SAR chart depicts a blend of buying and selling pressures, with recent green candles indicating accumulation at lower levels.
This may suggest the interest of institutional investors or whales, further stabilizing DOGE’s price.
Can Dogecoin Retain its Position?
While TRUMP and MELANIA memecoins have injected excitement into the market, Dogecoin’s consistent performance and established reputation offer a level of steadiness that newer players lack, at least for the time being.
At present, Dogecoin’s upward journey and on-chain activities imply that it is well-equipped to navigate the challenges posed by a crowded market.
Whether DOGE can uphold its dominance or succumb to emerging rivals remains uncertain.