Is Dogecoin (DOGE) Showing Recovery Signs After a 10% Surge?

• DOGE trades at $0.4148, marking a gain of over 10%.
• The meme coin has witnessed a 24-hour liquidation of $15.26 million.

The crypto market turned green over the day with the largest asset, Bitcoin climbing to $102K. Notably, the market is neutral as the Fear and Greed Index stays at 57. Particularly, the leading meme coin, Dogecoin (DOGE), has seen a notable price surge of over 10.52%.

At the time of writing, the meme coin traded at $0.4148, with the market cap reaching $61.25 billion. DOGE opened the day trading in the $0.3753 range. Eventually, the meme coin bulls mounted up and reached the highest price of $0.4177.

Furthermore, the market observed a liquidation of $15.26 million worth of DOGE during this timeframe, also noting the daily trading volume of the meme coin at $6.1 billion.

The meme-inspired asset has surged over 23.20% in the last seven days. The meme coin began trading at $0.3351, and the price fluctuated, falling toward the $0.31 mark.

Will DOGEs Uptrend Persist？

The technical indicators of the meme coin exhibit the in-progress bullish momentum. The Moving Average Convergence Divergence (MACD) line has crossed above the signal line. This crossover indicates a strong short-term price movement and a potential buying opportunity.

Besides, the Chaikin Money Flow (CMF) indicator, which assesses the capital flow, is found at 0.36. It suggests a positive money flow and more money is flowing into the asset. In the meantime, DOGEs daily trading volume has increased by over 48.29%.

DOGEs four-hour trading window shows the upside correction. If the meme coin holds the price, it could meet the nearby $0.42. Extended gains might boost the upward trend and propel DOGE to jump toward the $0.4482 mark.

However, the emergence of bearish pressure will invalidate these bullish gains. If the meme coin fails to hold the $0.4130 mark and if strong selloffs resume, DOGE could fall toward a steeper correction, to $0.39 or even lower.

The meme coins daily relative strength index (RSI) at 73.82 infers that the asset is in overbought territory. Besides, the daily frame of DOGE displays the short-term 9-day moving average above the long-term 21-day moving average.