- DOGE is hovering around $0.18 with a 5% gain.
- Its trading volume has dropped by over 36%.
Amid the ongoing bear trend, assets witnessed a sudden 3.05% spike as a relief. Is it a short-lived spark or a sign of strength? The back-to-back plunge in the crypto market has made the digital assets lose momentum, including Bitcoin (BTC) and Ethereum (ETH). The meme coin market cap is settled at $60.4 billion, followed by a 1.20% loss in the last 24 hours.
Among the meme coins, the dog-themed Dogecoin (DOGE) has posted a 5.43% surge. DOGE opened the day trading at around the bottom of $0.1762. Eventually, the bullish pressure made the price climb to a high of $0.1896. Notably, the asset has tested and broken the crucial zones between $0.1767 and $0.1891.
At the time of writing, DOGE trades within the $0.1874 zone, with its market cap touching $28.39 billion. Additionally, the daily trading volume of the meme coin has dropped by over 36.37%, reaching $2.56 billion. As per the Coinglass data , the market has observed a 24-hour liquidation of $7.61 million worth of DOGE.
The chart shows Dogecoin’s price action within a long-term ascending channel. Currently, it is attempting to rebound from the channel’s lower trendline between $0.16 and $0.18. If the uptrend continues, resistance targets lie near $0.29, $0.45, and eventually $0.86. However, a failure to hold could push DOGE back toward the lower support zones.
Bullish Bounce or Further Bearish Breakdown for DOGE?
The Moving Average Convergence Divergence line and the signal line are below the zero line, pointing out its downtrend. The DOGE market may continue the downtrend , and a bullish reversal will occur when the MACD line crosses above zero. Besides, the meme coin’s Chaikin Money Flow (CMF) indicator, found at -0.07, hints at selling pressure in the market, but is not extremely strong. The negative value shows that the capital is flowing out than in.
DOGE chart (Source: TradingView )
Moreover, the daily Relative Strength Index of the meme coin at 42.41 indicates a mild bearish sentiment. If RSI drops below 30, it is considered oversold. DOGE’s Bull Bear Power (BBP) reading of -0.00232 suggests very slight bearish pressure in the market. Also, the market is balanced , with no strong dominance from either bullish side or bearish side.
DOGE’s trading pattern is bearish, and the price might test the support at the $0.1867 range. Further loss could escalate the downtrend, gradually sending the price below $0.1860. However, a bullish shift may result in a climb toward the $0.1881 resistance. An extended gain could trigger the bulls to gain more strength, driving the price up above the $0.1890 level.
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