Dogecoin (DOGE) price displayed a strong bullish moment in the last 5 days as the 4-hour chart shows that the memecoin’s price went up from $0.14221 to $0.18587. It went up 14% as it broke above the 50-day and 200-day EMAs.

According to the crypto analytics firm, Santiment, data shows that recently there has been an increase in network engagement and transactional activity for DOGE. At present, buyers are interested in DOGE, with a 41% rise in large transaction volume and a 34% increase in daily active addresses.

According to CMC data, Dogecoin (DOGE) price is currently trading at $0.17377 with an intraday drawdown of 2.83%, showcasing mild bearishness. Its market cap stands at 25.88 billion, and the daily trading volume was $1.68 billion.

Dogecoin Price Analysis: Will It Go Above $0.200?

On the 4-hour timeframe, we can observe that DOGE displayed a robust bullish momentum in the last 5 days. From the $0.14221 level it spiked to $0.18587, with a 22% upsurge by breaking above the 50-day and 200-day EMAs.

Now, DOGE price is forming a bullish pattern and trying to hold the price above the $0.16858 level. It shows that buyers are active and trying their best to bounce back. The price is in the bulls’ grip, so any short-term sell-off may get easily absorbed near the 200-EMA support.

The recent rally in Dogecoin looks reliable because it is supported by high buying volume. Till the DOGE price sustains above $0.16858, the bulls will be active, and the downside risk will remain low.

On the other hand, the resistance zone is in the range between $0.185 to $0.195. The next stage of the rally might begin if buyers are able to break above the $0.185 mark.