Altcoins are rising noticeably, with the price of Bitcoin rising slightly. While the prices of Cardano & Avalanche rose noticeably, the price of Dogecoin also withstood bearish pressure. The token showed its bullish strength and received decisive support, a sign that a new uptrend is more likely to begin. However, bears continue to dominate the area around $0.1, which may hinder the rally for the time being.
A sequential sell flag has appeared on the DOGE weekly chart as the token faces a key resistance level. A correction was expected that could bring the price back from $0.085 to $0.078, as has happened in the past. However, the price maintained an important resistance area between $0.0943 and $0.0956, signaling a fair upside to the next target at $0.1048.
DOGE prices have shown a gradual upward trend since early November and have maintained an upward trend since then. RSI is also hovering near upper resistance, which has not been observed since hitting highs in 2021. This indicates the strength of buyers who appear to be waiting for the right time to take advantage of RSI.
As the year closes, market sentiment remains above bearish. This is also expected to increase volatility in the space, which could eventually push the trend above $0.1 before the end of the year. But for now, the bulls need to show some strength. Otherwise, Dogecoin (DOGE) price may remain consolidated within a range. Moreover, a bullish breakout, which seems more likely, could trigger a significant uptrend towards new highs.