The crypto markets are trading within equilibrium as the major tokens display weakness with less bull and bear participation. Despite this, the global crypto market cap restricts itself above the crucial levels, suggesting the tokens may continue to hold some strength. As the star crypto, Bitcoin, hovers within a narrow range, the other altcoins get the opportunity to display their strength. Alongside, the most popular memecoin, Dogecoin, is also showing signals of reviving a healthy upswing in the coming days.
The rising market sentiments lifted the DOGE price to the crucial resistance zone above $0.1 just before the end of 2023. This move had broken the descending pattern, which suggests a fresh upswing could make its way out. Although the price faced a minor pullback, the traders appear to be hopeful about the impending trend, as the token has been receiving remarkable attention in recent times.
The data from Santiment suggests a significant rise in non-zero wallets that has surged by more than 413K in recent times. The wallets holding 0.001 to 1 DOGE have seen a rise in the past couple of weeks, which has reached a total of 6.18 million from levels around 5.8 million. However, there was no significant impact of this rise in interest on the DOGE price as it continues to trade flat around $0.078 to $0.08 levels.
Even though the Dogecoin price is maintaining a silent trend, the rise in the interest of traders does flash a massive bullish signal. The RSI is trading within a neutral range and indicates the possibility of breaking out in either direction. The bullish volume is slowly rising, hinting towards a rising dominance of the bulls in the coming days. However, regardless of a breakout attempt, the DOGE price may revive a strong bullish trend only if it secures and sustains above the crucial resistance level above $0.1.
