Dogecoin’s [DOGE] price corrected after climbing a new high near $0.8 in the first week of May. The market still experienced weakness. Its weekly loss was, however, cut down to 24.37%.
The meme coin’s price had seen a substantial breakthrough this quarter. However, it was now battling to break higher, even as the rest of the market contended with a reduction in sell pressure. But the DOGE bulls also attempted to mount a swift rebound on the 11th of May. It will be interesting to see if the technicals are strong enough to support the uptick.
Dogecoin [DOGE] was up by 11.53% over the past 24-hours and exchanged hands at $0.515. At the time of writing, the crypto-asset recorded a market cap of $66.33 billion and a 24-hour trading volume of $12.94 billion.
Dogecoin [DOGE] Daily Price Chart:
Dogecoin [DOGE] bounced from a crucial point of support as it initiated a recovery. The upsloping moving averages continued to support the token’s price candles.
The volume, on the other hand, failed to provide the necessary momentum as the volatility took a hit following the huge correction. This implied that the digital asset could undergo a period of consolidation in the coming days.
The technicals on the one-day chart do not look promising either. Dogecoin [DOGE] felt immense downside pressure from the dotted markers of Parabolic SAR which resisted a potential upward movement.
The Klinger Oscillator continued to lay low despite hints of a possible bullish crossover that could push the price back to higher levels.
In addition, the RSI fell from the overbought conditions but managed to held its position above the 50-median line depicting a sentiment of buying pressure even as the DOGE market continued to reel under severe bearish pressure.
If the buyers did seek a fresh leg up, Dogecoin could target the nearest resistance area of $0.694 while support points were found to be at $0.452, and $0.254 respectively.