Dogecoin (DOGE) Technical Analysis: Price Maintains Upward Trajectory Despite TRUMP and MELANIA Memecoin Competition

Dogecoin was trading at $0.37834 at press time, reflecting a 5.55% increase in the last session.

Dogecoin [DOGE] continues to lead the memecoin pack, despite the recent launch of TRUMP and MELANIA memecoins, which has seen traders flocking to these new tokens.

However, DOGE has managed to maintain its relevance in the market, thanks to its established community andチャート.

But how does Dogecoin fare in the face of increasing competition?

Dogecoin technical analysis hints at strength

At press time, Dogecoin was trading at $0.37834, showcasing a 5.55% surge in the last trading session.

A glance at the attached charts revealed a clear ascending channel pattern, with the price bouncing consistently between the support and resistance levels.

This formation suggests that DOGE might be set for further gains if it maintains its position within the channel.

The 50-day moving average of $0.36853 has served as strong support, while the price remains notably above the 200-day moving average of $0.21111, indicating bullish momentum.

Moreover, the Relative Strength Index (RSI) was seen hovering around the neutral zone, suggesting that DOGE was not yet overbought and had potential for further upside.

A closer examination of the market sentiment reveals sustained accumulation in Dogecoin.

The long-versus-short ratio highlights clear buyer dominance, with green candles consistently outpacing red across multiple timeframes.

This pattern suggests strategic accumulation rather than speculative trading, which is especially relevant in the current memecoin market dynamics.

According to data, its market capitalization was over $55 billion at press time, while OFFICIAL TRUMP was seen at over $11 billion.

Technical analysis reveals hidden strength

The ADX-SAR system has generated multiple bullish signals since November, with each signal preceding significant price movements.

The current technical setup showcases the formation of a strong support base around $0.36, bolstered by the 50-day MA.

This structure, combined with decreasing selling pressure evident in recent volume patterns, suggests accumulation at higher levels.

Moreover, Dogecoin’s RSI maintains a healthy range between 40-60, avoiding overbought conditions despite the price appreciation.

This technical equilibrium typically precedes sustained upward movements, especially when accompanied by the current volume profile.

The Long/Short ADX-SAR chart reveals a mix of buying and selling pressure, with recent green candles suggesting accumulation at lower levels.

This could indicate institutional or whale interest, further supporting DOGE's price stability.

Dogecoin faces the heat of competition

While the entry of TRUMP and MELANIA memecoins has added a fun element to the crypto space, Dogecoin’s established presence and community have ensured its stability in the memecoin market.

At least for now.

Realistic or not, here’s DOGE market cap in BTC’s terms

Dogecoin’s continuous upward trajectory and on-chain activity suggest that it is well-positioned to navigate the challenges of an increasingly crowded market.

Whether DOGE can maintain its dominance or yield to newer competitors remains to be seen.