Dogecoin (DOGE) is showing signs of renewed strength after experiencing the process of consolidation, based on observations of enhancements to the structure of the markets. It appears that the process of accumulation is underway, which will lead to a breakout on the upside. Technical indicators show that the long-term process of correction is almost complete.
At the time of writing, DOGE is trading at $0.1514, with a 24-hour trading volume of $3.57 billion and a market capitalization of $25.65 billion. The DOGE has recorded a modest 0.15% down over the last 24 hours, signaling steady price action despite broader market uncertainty.
Dogecoin Bounce Signals Accumulation Phase
A well-known crypto analyst, BitGuru, pointed out that Dogecoin recently bounced after making a sweep of the liquidity and forming a range. This is generally an indication of accumulation, in which the buyers start accumulating at specific levels.
BitGuru further added that if the DOGE price is able to maintain its current range, then it might help in an upward movement.
Dogecoin Confirms Major Chart Break
Furthermore, adding to the bright outlook, another analyst, GainMuse, highlighted the fact that Dogecoin managed to establish a major structural break on the chart. It shows that the consumers of Dogecoin’s coins are slowly taking over the markets.
Such breakouts will often signify the end of a corrective phase, thus opening the way for even higher price areas if the momentum continues unabated.
Overall, from a wider perspective, the improved structure and increased stability being exhibited in the performance of Dogecoin is definitely bright indicator for the future prospects of the coin in the short to medium run.
Although market volatility is still expected in the crypto market, Dogecoin seems to be preparing for a positive phase in the upcoming periods.
Also Read | Dogecoin Price Prediction: DOGE Could Surge to $20 After Bull Pennant Breakout
Dogecoin Weekly Momentum Still Soft
The RSI is currently at around 43, which is below the level of 50, thereby indicating weak buying pressures. The current market price is around $0.15, which is below most of the MA Ribbon levels. Also, the resistance levels include the 20 SMA at $0.186, the 50 SMA at $0.196, and the 100 SMA at $0.193. On the other hand, the level of the 200 SMA is at $0.137.
MACD is still in the negative region with a histogram value close to -0.004. This indicates a lack of momentum. Since the MACD is below the signal line, the trend is dominated by bears at the current stage. Any upward momentum in MACD will result in a bullish crossover.
Also Read | Dogecoin (DOGE)Trading Volume Jumps to $2.12B as Market Activity Picks Up
