Dogecoin price remains on an uptrend as part of the ongoing crypto rally. According to CoinMarketCap, the crypto is ranked 7th in the industry with a market dominance of 1.86%. Its market capitalization is up by 0.90% at over $36 billion. However, its trading volume over the past 24 hours has declined by 34.69% to over $3.8 billion.
Dogecoin technical analysis
Dogecoin price is on a rebound after recording a decline in the previous session. On Thursday, the altcoin dropped from an intraday high of 0.2950 to a low of 0.2518. Notably, Thursday’s peak was its highest level since 19th June.
Despite the high volatility that has defined the crypto industry in the recent past, Dogecoin price is trading steadily above the crucial level of 0.2000. At the time of writing, it was up by 3.51% at 0.2740. Over the past week, it has surged by about 38.05%. However, it remains about 62.80% lower than its record-high in early May.
On a three-hour chart, it is trading above the 25 and 50-day exponential moving averages. Besides, the formation of an ascending trendline further substantiates the bullish outlook. In the near term, I expect Dogecoin price to find resistance at 0.2800. It is likely to trade within a tight range between that resistance level and along the 25-day EMA at 0.2647.
A bullish breakout will place the next target at 0.3000. However, to reach that target, the bulls will have to gather enough momentum to push the price past Thursday’s high of 0.2950. On the flip side, a move below the horizontal channel’s lower border will likely place the support level at 0.2600.