Key takeaways
- DOGE is trading above $0.146 after adding 18% to its value in seven days.
- The leading memecoin could face a correction below $0.14.
DOGE trades above $0.14
Meme coins such as Dogecoin (DOGE), Shiba Inu (SHIB), and Pepe (PEPE) are leading the cryptocurrency market rally thanks to the geopolitical tension in Venezuela.
The United States conducted an operation in Venezuela over the weekend, capturing Former Venezuelan President Nicolás Maduro and his wife. They were brought to the U.S. and will appear in federal court at noon on Monday, according to a spokesperson for the U.S. District Court in the Southern District of New York.
This tension allowed the crypto market to rally higher, with Dogecoin extending its gain for the fifth consecutive day while SHIB and PEPE take a pause. The outlook remains bullish, but DOGE could face a slight retrace below the $0.14 level in the near term.
Dogecoin could retrace below $0.14
The DOGE/USD 4-hour chart is bullish and efficient thanks to Dogecoin’s rally over the past seven days. The dog-themed meme coin extends its recovery over the 50-day Exponential Moving Average (EMA) at $0.14339 and could rally higher in the near term.
If the bulls continue to push higher, DOGE could aim for the 200-day EMA at $0.18202, aligning with the overhead supply zone between $0.18100 and $0.18500.
The technical indicators are bullish. The RSI of 73 shows that DOGE is heading into the overbought region. The MACD lines continue to rise alongside green histogram bars, signaling a surge in bullish momentum.
However, if the bullish trend subsides, DOGE could slip below $0.14339 and risk retesting the $0.1300 psychological level.
