Dogecoin Gains High Despite Bearish Market Outlook

Dogecoin sees rising prices in the early trading session on Thursday as the cryptocurrency market seems to recover from its latest plummets. The meme coins surged by around 6% over the last day, DOGE/USD trading at about $0.23 while publishing this content.

However, regardless of the recent increase, the world’s best meme coin remains lower by over a quarter since last week. Keep in mind that most cryptocurrencies saw downtrends as China reportedly banning crypto mining dealings in Sichuan province. DOGE was among the plummeting victims.

Dogecoin witnessed its current surges as Ethereum prices recover over the $2,000 vital level. However, the alternative coins back-trended a bit below the level. Meanwhile, Bitcoins seem to maintain their downslides at the moment. For now, a move in any direction seems possible. Market players expect both recoveries to the $35,000 level for Bitcoin or an extended downtrend.

Although DOGE trends high, market players remain skeptical on whether the meme coins will build enough uptrend momentum. Unless the overall crypto space witnesses a backup sentiment, the meme-coin could experience a short-lived rally. Moreover, the market might have massive volatility in the short term. Anyone interested to invest in Dogecoin has to act cautiously. Maybe long-term goals might produce yields. Beware of the high risks that the market boasts for now.

Vital Levels to Consider

Most momentum indicators and larger MA on the four-Hour chart indicate a bearish DOGE/USD outlook. However, the small MA and MACD indicator shows growing buyers’ interest, establishing DOGE’s potential to rally higher.

However, Dogecoin has to rise over the vital level at $0.29 and the $0.24 support level to confirm an upward trend. Meanwhile, there a few chances for such a move due to the inadequate positive sentiment to overturn the market’s bearish attitude.

Keep in mind that the overall crypto market shows a bearish move for now. Any interested investor has to be careful with such market conditions. Development in any direction is possible. If you are a near-term investor, you might reap losses as the market indicates downtrends for now. Remember, Dogecoin still trades lower compared to its prices at its peak.

We have more on the crypto news coming up. Stay around.