In today's trading, Dogecoin (DOGE) has demonstrated a notable surge, currently trading at $0.1637, which marks an impressive 8.06% increase over the past 24 hours. This rise is part of a broader cryptocurrency market recovery, with Bitcoin climbing back to the $68,000 mark. The rebound in DOGE's value can be linked to the overall market optimism and specific developments related to the asset. 

The announcement that Coinbase is preparing to launch U.S.-regulated futures for Dogecoin has provided additional momentum to the cryptocurrency's price. Moreover, a general kind outlook by U.S. Federal Reserve Chair Jerome Powell has set a positive tone across the crypto markets.

This resurgence follows a period of decline for Dogecoin, which saw its price dip to $0.122 on March 20. However, the market quickly recalibrated, with DOGE achieving intraday highs of $0.1578, showcasing the volatility that the cryptocurrency market is known for. The turnaround coincides with growing confidence in digital assets, as the Federal Reserve signals potential rate cuts, countering inflation concerns.

DOGE Recovers Momentum after a swift liquidity sweep below $0.1255

On the 4-hour timeframe, Dogecoin is exhibiting signs of a strong recovery. After a swift liquidity sweep below the $0.1255 benchmark, the price has rallied, indicating a robust comeback. The 4-hour chart shows the price intersecting with the midrange market price action at $0.1663.

The Relative Strength Index (RSI) in this timeframe supports a bullish outlook, maintaining above the 50 mark. This suggests that buying pressure is building up. Should this momentum continue, Dogecoin could challenge and potentially surpass the resistance at $0.1855, aiming for a new high above the March 5 peak of $0.2071.

Conversely, a shift in trader sentiment could prompt a pullback towards the $0.1368 support level. If this support does not hold, we could see the price retreat towards the $0.1255 level, which would be a critical juncture for Dogecoin's short-term trajectory. A decisive closure below this point would negate the bullish scenario.

The 2-hour chart shows the bulls are continuing to mount pressure on  Dogecoin's price action. There has been a gradual uptrend with higher lows, pointing towards a potential breakout. The moving averages on this chart offer a bullish signal, with the price trending above the key Exponential Moving Average (EMA) levels. 

Additionally, the Average Directional Index (ADX) is positioned above 20, suggesting that the current trend has the strength to continue.

Dogecoin's price action today reflects a positive sentiment shared by the broader cryptocurrency market. With the asset recovering from a recent low and technical indicators favoring the bulls, the potential for a continued upward trend appears likely.