Why Is Dogecoin Going Up? Key Drivers Of DOGEs 10% Surge

| Source: @AndreaCapellin4

Notably, Dogecoin‘s price is currently testing the resistance zone just beneath the 23.6% level at $0.21544. Breaking through this resistance could pave the way toward Capellini’s target of $0.47. The Relative Strength Index, a momentum oscillator, stands at 62.72, placing it in the upper neutral zone. This reading indicates growing bullish momentum without yet entering overbought territory (above 70). The current RSI level supports a cautiously optimistic outlook for the continuation of the upward trend.

Moreover, the weekly chart for Dogecoin exhibits a bullish pattern characterized by a series of higher lows and higher highs—a classic sign of a sustained uptrend. However, DOGE is currently facing a downtrend line that has previously acted as resistance. A decisive breakout above this line is crucial to reach higher price targets, including Capellinis projection of $0.47.

At press time, DOGE traded at $0.16816.

Dogecoin price, 1-day chart | Source: DOGEUSDT on TradingView.com

Featured image created with DALL.E, chart from TradingView.com