Dogecoin (DOGE) is consolidating after hitting its highest level since July on Saturday above $0.08.
As per CoinMarketCap, the cryptocurrency is up around 11% in the last seven days.
DOGE was last changing hands around $0.0775, but bulls remain confident that a near-term pump towards yearly highs above $0.010 could be on the cards in wake of the cryptocurrency’s recent strong bounce from its 200DMA at $0.068.
Of course, a strong bounce from the 200DMA is no guarantee of positive near-term momentum in the Dogecoin market.
Dogecoin bounced well from the 200DMA back in April, only to then quickly reverse into a bearish trend for the most of the remainder of the year.
But could this time be different?
As Bitcoin breaks out to 18-month highs on optimism about the near-term approval of spot Bitcoin ETFs, risk appetite in the broader crypto market is picking up.
Indeed, the broader crypto market’s total capitalization recently hit its highest since last May above $1.4 trillion.
If Bitcoin and the broader market continues plowing higher, this could continue to support Dogecoin.
Dogecoin price predictions have become substantially more bullish in recent days in wake of a key technical breakout.
The cryptocurrency had spent the last few months consolidating within a pennant structure, but broke to the north of this structure earlier this month, with its recent 200DMA bounce coming in tandem with a bounce from its prior downwards trendline.
Technical analysis suggests that the cryptocurrency’s near-term bias for a pump back towards the summer highs in the $0.1050 area.
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A new bull market in the broader cryptocurrency space looks to be underway and with Dogecoin still well below recently yearly highs, some investors might view Dogecoin as an