Dogecoin has climbed 1.93% today and is currently trading at $0.07622. However, it remains down 4% this week after the U.S. Department of Justice (DoJ) fined Binance $4.3 billion and its CEO resigned. Is this a good time to buy Dogecoin, or is it poised for further downside movement?

Meanwhile, the new trending presale Meme Kombat continues to garner attention after blasting past $2 million.

Dogecoin Pumps With Traders Bullish on Next Move

Despite a recent pullback, Dogecoin remains in a strong position, having recently made a significant move on the weekly time frame price chart.

DOGE broke above its long-term bearish trend line, indicating a potential reversal could be ahead.

The breakout followed a bear market support retest, with both factors increasing the likelihood of a move to the top of its current range.

This is also amplified by the growing trading volume as the price increases, suggesting that the market is regaining interest in DOGE as its price grows.

Moving to the daily time frame, Dogecoin’s recent daily candle was significantly bullish, finding strong support at resistance of its previous higher high.

However, there are two main issues that Dogecoin is facing on the lower time frame daily chart. First, its trading volume is falling in recent days.

Second, it has formed a bearish divergence on the RSI indicator – where its price makes a higher high, but the RSI does not. This indicates reduced momentum and a potential trend reversal.

Based on these factors, Dogecoin may undergo a short-term correction before continuing its rally and moving toward $0.1 and beyond.

TradingView analyst deadline7079 also noted this, stating that Dogecoin could correct toward $0.6 before an uptrend continuation.

That said, other traders remain highly bullish on Dogecoin’s next move. For instance, KALEO expects Dogecoin to climb higher due to its macro trend breakout.

Meanwhile,