Dogecoin DOGE/USD was trading about 3% higher during Thursday’s 24-hour trading session in tandem with Bitcoin BTC/USD and Ethereum ETH/USD, which were trading about 3.6% and 3.8%, respectively.

The cryptocurrency sector, like the general market, is receiving bullish momentum after reacting positively to consumer price index data released on Wednesday, showing inflation may have peaked. The news has traders and investors hopeful the Federal Reserve may ease off hiking interest rates by an addition 0.75% in September, after raising rates by that amount in both June and July.

Positive sentiment may also be returning to the markets as summer comes to an end and traders and investors anticipate higher trading volumes across all sectors as more market participants return from their stock market vacations.

Dogecoin, which once received a massive amount of free advertising from celebrities and influencers, ranging from Kiss bassist Gene Simmons to billionaires Tesla Inc TSLA CEO Elon Musk and Dallas Maverick’s owner Mark Cuban, has fallen from fame over the past many months. An overall uptick in Dogecoin’s trading volume recently, however, may indicate positive sentiment is returning to the crypto, which could eventually release Dogecoin from the dog house and bring back its celebrated status.

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The Dogecoin Chart: Dogecoin has been trading mostly sideways between about 5 cents and the $0.075 mark since June 9. Starting on June 18, the crypto has been finding support at an ascending trendline on the daily chart, which has helped Dogecoin to make a fairly consistent series of higher lows, although the crypto isn’t trading in a true uptrend due to a lack of higher highs.

• During Thursday’s trading session, Dogecoin was able to pop up above the most recent high of $0.074, which indicates a new uptrend may begin. The price action may also have confirmed a break up from a symmetrical triangle, which could indicate a larger move to the upside is on the horizon but traders will want to see increasing volume come in later on Thursday for confirmation.
• Ideally, bullish traders and investors want to see Dogecoin break up over the $0.075 level, which is acting as heavy resistance. The crypto has room to pop up above the level because Dogecoin’s relative strength index is not yet extended, measuring in at about 59%.
• Bearish traders want to see Dogecoin continue to reject the $0.075 level, which could cause the crypto to pull back under the upper descending trendline of the triangle. If that happens, the trendline could continue to push the crypto lower.
• Dogecoin has resistance above $0.075 at $0.083 and just under the 10-cent level. There is support below at $0.065 and $0.057.

See Also: Dogecoin Daily: Price Jumps As Inflation Concerns Ease, But Co-Founder Asks If It’s Just ‘Delusional Optimism’

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On Friday, Dogecoin (CRYPTO: DOGE) perked up and finally bust up bullishly through a descending triangle Benzinga called out on Tuesday. The crypto had been struggling to make the move but technical traders may have seen it coming when Dogecoin failed to drop below the key support level at the $0.196 mark.

The Dogecoin Chart: The descending triangle had been holding the stock down since Sept. 17 as Dogecoin’s trading range continued to tighten underneath it. The crypto was set to meet the apex of the triangle on Oct. 2, but bulls came in and pushed Dogecoin up a day early.

Dogecoin was trading 5% higher and if the crypto stays around its high-of-day price, it will print a big bullish Marubozu candlestick, which could indicate higher prices may come over the weekend.

See Also: Bitcoin-Centric E-Commerce Website Bitplaza Considers Adding New Cryptos Including Dogecoin

The bullish move allowed Dogecoin to smash through resistance at the eight-day exponential moving average (EMA) as it continued to make its way toward the 21-day EMA. If Dogecoin can regain the 21-day EMA as support and hold above it, the eight-day EMA will eventually cross back above the 21-day, which would be bullish. Dogecoin is trading below the 50-day simple moving average, however, which indicates overall sentiment is bearish for now.

• Bulls want to see sustained big bullish volume push Dogecoin above the 21-day EMA and up toward a resistance level at the 23-cent level. If the crypto can regain the level as support, it has room to move up toward 26 cents.
• Bears want to see big bearish volume come in and drop Dogecoin back toward its key support level below. If Dogecoin were to lose the level as support, it could retrace toward the 16-cent mark.