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#GateSquareMayTradingShare #DOGE
Dogecoin Shows Strong Recovery Attempt.
Dogecoin has recently stood out among major altcoins, gaining nearly 50% from its spring lows. Currently trading at $0.115, DOGE has risen above several short- and medium-term moving averages, showing a stronger medium-term outlook. The price, which had formed a base between $0.09 and $0.10 for a long time on the charts, indicates that the breakout from this level has reduced selling pressure.
The most important resistance point to watch in the medium term is the 200-day moving average at $0.124. While the recent surge suggests a strengthening of the short-term structure, a long-term trend reversal requires DOGE to settle above this resistance. If the price sees a daily close at this level, the old resistance zones of $0.135 and $0.15 may come back into play.
Although the RSI indicator is near the overbought region, the rise has not yet reached an extreme level. The most striking aspect is the relative recovery in volume. The fact that the weak sideways movement of March-April has been replaced by a strong upward movement suggests that the current structure is more credible. As long as DOGE maintains the $0.106-$0.100 range, the upward movement may continue to find support. A break below this level could mean the upward attempt is unsuccessful.
$DOGE