Dogecoin price continued to be under selling pressure as the meme currency experienced a retracement after a bullish trend. Even though the DOGE faces some downward pressure, Dogecoin’s price is above an important support zone, implying that bulls are fighting for market dominance.
At the time of writing, DOGE is trading at $0.1117 with a 24-hour trading volume of $3.91 billion and a market capitalization of $17.26 billion. The DOGE posted a 1.46% down over the last 24 hours, reflecting reduced buying momentum after the recent rally.
Source: CoinMarketCap
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Dogecoin Price Signals Bullish Breakout
As reported by a crypto analyst, BitGuru, DOGE appears to be ready for a bullish trend as it has spent many months consolidating within a tight price range. As per the analysis of the crypto expert, market sentiment is slowly coming back, which might help the coin reach $0.13 to $0.15 in the short term.
Source: BitGuru’s X Post
BitGuru also pointed out that the Dogecoin price is also beginning to generate higher support levels, which is typically associated with building confidence following a lengthy consolidation phase. While it appears that the bounce-back is slow, sustaining a price above the support region can help the bulls build more traction.
Dogecoin Price Signals Momentum Cooling
From an indicator point of view, it appears that the current price surge in the cryptocurrency Dogecoin will cool off shortly. This is seen through the RSI 14, which is currently trading at a value of 59.66, having earlier hit values close to 67, which indicated higher momentum in buying. Even though the value has dropped, it is still above the 50 value mark.
DOGE also remains above its 20-day moving average of $0.10853, maintaining a slight uptrend in the short term. Nonetheless, the price behavior shows that buying momentum is waning as investors are getting cautious about the present price.
Source: TradingView
Conversely, the MACD technical indicator continues trading at positive levels. At the moment, the MACD line is at 0.00385, with the signal line at 0.00388. Nonetheless, the histogram is now negative at -0.00003, signifying that the upward momentum may be fading following the latest rally.
In case of renewed demand, Dogecoin price might make a further push towards the critical $0.13 level. Conversely, any inability of the current level to hold might force the currency to consolidate around its levels or even move downward towards the $0.108 mark.
This article contains market analysis and price predictions. These are not guarantees. Crypto markets are volatile. Always DYOR. Not financial advice.
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