- Dogecoin continues its corrective downtrend, facing pressure near $0.096 and $0.08 support levels.
- Short-term trend favors the downside, with no confirmed local bottom yet established.
- Momentum indicators remain negative: RSI around 35.84 and MACD showing bearish signals.
Dogecoin (DOGE) is still experiencing downward pressure due to a corrective pattern that has been ongoing since last year. Recent market actions indicate that bearish momentum has not shown signs of a reversal. Support levels are key in determining whether the price will stabilize or continue to decline.
Dogecoin Faces Pressure Near $0.096 $0.08
Prominent crypto analyst More Crypto Online observes that Dogecoin is currently in a corrective cycle, which was established in November 2024. Although the flash crash that occurred on October 10 has made the market conditions more complex, all prognostications regarding the price action are valid. Today, the current trend in the short run is declining.
At the time of writing, Dogecoin (DOGE) is trading at $0.1256, with a 24-hour trading volume of $3.39 billion and a market capitalization of $19.17 billion. Over the last 24 hours, the price has seen a modest increase of 0.77%, reflecting cautious optimism among investors.
Although there is still a possibility of an upside, the trend currently favors the downside. It was recommended that, unless Dogecoin demonstrates a positive bounce in a key support area or sustains above the October 10th level of $0.096, slide adjustments may be expected.
Important levels to watch for support are $0.096, $0.08, and $0.054. Although it appears difficult for DOGE to test out the lower targets, there is yet no confirmation of a local bottom having been established.
The momentum indicators are still negative. The coin is still trading in a local downtrend. Although a possible correction might happen at any point in the future, a positive market perspective is not yet accurate. The point at which a possible market reversal might happen is difficult to identify in this market.
Also Read | Dogecoin (DOGE) Price Structure Points to $0.75 After +480% Rally
DOGE Momentum Still Under Pressure
The weekly chart has a weak RSI at around 35.84, which remains lower than the signal line at 44.34, thereby indicating that selling pressures outweigh buying pressures. Although the RSI is not oversold, it is definitely set well below the middle line of 50, thus maintaining a negative momentum. The price action also remains below the MA Ribbon, with major averages at around 0.1366–0.2086 acting as strong resistance.
Analyzing the MACD chart, the sign remains negative since the MACD is at -0.02227 and the signal line is also at -0.01243. The histogram also indicates a red color with a value of -0.00983, indicating the presence of bearish momentum. Although the downward momentum has reduced, there are no signs indicating a buy crossover.
Also Read | Dogecoin (DOGE) Faces Brutal Test: Jan 17 Target $0.144
