Dogecoin (DOGE) Resumes Uptrend, Bulls Cheer Bullish MACD Crossover

Popular dog-themed cryptocurrency Dogecoin DOGE/USD resumed its uptrend Monday, igniting a strong wave of optimism among bulls.

Dogecoin (CRYPTO: DOGE) price箭头朝上surged Monday, sparking optimism among bulls after the popular dog-themed cryptocurrency recovered from last Sunday's crash.

What Happened: DOGE price was up over 5% in the last 24 hours, showing signs of recovery from the ‘Black Sunday' crash that eroded 28% of the world's largest meme coin.

Dogecoin price rose to an intraday high of $0.2924 in the evening hours before falling back to $0.26 due to profit-taking.

Well-known chartist Trader Tardigrade highlighted a bullish crossover of the Moving Average Convergence Divergence indicator, suggesting a potential shift in momentum toward an upward trend.

Dogecoin MACD signals a Bullish Crossover on the 4-hour chart 🔥

$Doge is gaining upward momentum and could reverse into BULL RUN again

Another widely followed analyst, Kevin, stated that Dogecoin completed its "second major correction" of the bull cycle, a move "very similar" to the last cycle.

Kevin, who has earlier linked Dogecoin's trajectory with Bitcoin (CRYPTO: BTC) moves, added that DOGE price is now set to begin its "next leg."

In my opinion #Dogecoin just completed its second major correction of its bull cycle. Very similar to last cycle and the drops in terms of percentage were very similar. If all goes well with #BTC then #Doge should begin it's next leg soon.

See Also: Trump-Announced Wealth Fund Should Choose MicroStrategy Bonds Over Bitcoin, Analyst Says

Chainlink price also rallied over 10% on Monday, while Shiba Inu (CRYPTO: SHIB) and Litecoin (CRYPTO: LTC) were up over 5%.

However, BTC price was trading flat after recovering from last week's lows.

Why It Matters: The rally caused a spike in speculative interest for Dogecoin. Open Interest, or the notional value locked in unsettled Dogecoin future contracts, increased by 1.85% on Binance, as per data from Coinglass.

Over 79% of Binance traders were levered long on the meme coin, suggesting that the rally could be sustained in the short term.

Moreover, the Commodity Channel Index, which measures the difference between the current price and the historical average price, fell below -150 on Monday, as per Trading View, indicating an oversold level and a potential "Buy" signal.

Dogecoin price was trading in the green on Monday evening after showing signs of recovery from last week's sharp decline. The meme coin price appeared set for further upside in the short term, as suggested by a technical indicator.

At the time of writing, Dogecoin was exchanging hands at $0.2616, up 5.14% in the last 24 hours, as per data from Benzinga Pro.