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The Dogecoin price pumped over 9% in the last 24 hours to trade at $0.2046 as of 6:05 a.m. EST as traders go long on the largest meme coin by market cap.
The recent gain is a continuation of the bullish trend the DOGE price has been in over the last week. As a result, the crypto is more than 21% in the green on the longer 7-day time frame.
Dogecoin Price Forms A Bullish Channel – Will It Continue To Rise?
4-hour chart for DOGE/USD (Source: GeckoTerminal)
The Dogecoin price has printed multiple higher highs and higher lows on the 4-hour chart in the last 48 hours, resulting in the formation of a positive price channel, according to GeckoTerminal data.
Should the meme coin continue to trade within the ascending channel, the Dogecoin price might soon flip the resistance level at $0.2055 into support. A 4-hour candle close higher than this technical barrier could then give DOGE the room needed to climb to as high as $0.2134 in the short term.
On the other hand, a rejection from the $0.2055 resistance or a drop below the lower boundary of the rising channel could lead to DOGE falling to the $0.1964 support. Thereafter, continued sell pressure might push the Dogecoin price below this technical safety net to the next key mark at $0.1885.
Buyers Have The Upper Hand And Might Push The Dogecoin Price Up Higher
Technical indicators on the 4-hour chart, mainly Exponential Moving Averages (EMAs) and the Relative Strength Index (RSI), suggest the Dogecoin price might continue to rise in the next 24 hours.
The 9 EMA is currently breaking away above the shorter 20 EMA line, while pushing the Dogecoin price higher up in the process. The alignment of the shorter EMA above the longer EMA suggests DOGE’s short-term momentum is bullish. Additionally, the growing gap between the two technical indicators could signal that DOGE’s positive momentum is picking up steam.
Meanwhile, RSI readings have been on the rise. Traders might see this as a sign that buyers are growing stronger against sellers. The current value above 80 warns that DOGE is currently in overbought territory, which is generally seen as a sell signal by traders.
However, there have been instances where RSI readings remained high for sustained periods of time when a crypto is pumping. The positive slope of the RSI line on the 4-hour chart suggests this may be the case for DOGE now.
As the Dogecoin price looks to keep its surge going, investors are also buying into a new meme coin called BTC Bull Token (BTCBULL) for potential parabolic gains. According to influential crypto YouTube channel 99Bitcoins, which has over 725K subscribers, BTCBULL has the potential to soar 10X after launch.
A Meme Coin Offering Investors Free Bitcoin
BTC Bull Token is a Bitcoin-themed meme coin that was launched to support the leading crypto all the way to $1 million per coin and beyond. As BTC climbs to new heights, the project will reward its token holders with free Bitcoin via airdrops at certain price milestones.
According to the project’s website, the next price points that will trigger Bitcoin airdrops to BTCBULL token holders are $150k and $200K.
In addition to the airdrops, there will also be BTCBULL token burns at certain Bitcoin price milestones. This is meant to mimic BTC’s ever-increasing scarcity. The constant decrease in supply, coupled with the demand from investors looking to get in on the Bitcoin airdrops, could lead to a massive price explosion for BTCBULL.
The next token burns will happen when Bitcoin hits $125K for the first time, and every subsequent $25K increase. With Bitcoin starting to recover and trading just below $90K, the $125K milestone is within reach.
BTCBULL Presale Storms Past $4.1 Million As Investors Bet Big On The Project’s Future
Investors are rushing to buy BTCBULL at presale prices, as evident by the more than $4.1 million in early-stage funding the project has raised so far.
Interested investors can purchase BTCBULL tokens via the simple buy widget embedded on the project’s website using either crypto or bank card. Once purchased, the tokens can also be staked for an attractive presale APY of 103%.
Selling for $0.00243, potential buyers looking to get in on the best rate will want to act before the next presale price hike in less than 2 days.
Visit the BTC Bull Token website.
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