Dogecoin (DOGE), the largest memecoin by market capitalization, is leading the sector in recovery on June 19 after bleeding heavily over the last week.
DOGE is up 1.8% over the last 24 hours to exchange hands at $0.1246. Its rival Shiba Inu (SHIB), has risen 1.76%, while Ethereum-based Pepe (PEPE) has rallied 7.29% over the same period.
Brett (BRETT), a memecoin built atop the Base layer 2 blockchain, rallied the most among the top-cap memecoins, adding 11% to its market value over the last 24 hours. Other notable performances were displayed by Bonk (BONK) and Floki (FLOKI), with 2.33% and 2.42% gains, respectively.
The 1-hour, daily and weekly performance of top memecoins. Source: CoinMarketCap
Data from CoinMarketCap shows that the total market capitalization of memecoins has increased 2.88% to $47.9 billion in the last 24 hours.
Will Dogecoin’s price continue to rise and pull the entire memecoin sector with it?
Dogecoin price analysis
After dropping 31% from highs of around $0.174, DOGE bulls found support from the $0.122 support level. Dogecoin is now attempting a recovery from this level, with the bulls setting their eyes on the upper boundary of the declining parallel channel at $0.1315.
Overcoming this barrier would bolster the price higher with key levels to watch on the upside being the $0.150 psychological level and the major resistance level at $0.1635. Higher than that, the price could rise past $0.170 to reach the optimistic target of the prevailing chart pattern at $0,180.
DOGE/USD daily chart. Source: TradingView
This bullish outlook was supported by the daily RSI, which had begun tipping upward, away from the overbought region. This suggests that sellers may be exhausted and buyers buy at a discount.
On the other hand, the price strength at 32 suggested that there was still more room for the downside. As such, a daily candlestick close below the middle boundary of the falling channel at $0,122 would see the DOGE price drop lower to seek solace from the lower boundary of the channel at $0.112 or lower toward $0.10.
