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- DOGE falls to $0.24 after a 23.76% weekly surge as traders monitor momentum for the next breakout
- RSI drops to 49.01 while MACD turns bearish, suggesting a slowdown in DOGE’s short-term strength
- Open Interest declines 3.26% as DOGE consolidates, holding support between $0.17 and $0.15
As of press time, Dogecoin (DOGE) is currently trading at $0.24, representing a 2.79% decrease over the past 24 hours. The fall in prices is after an enormous weekly increase of 23.76%. Trading numbers have also fallen by 9.38%, to reach the current figure of $5.64 billion. The market is consolidating at a steep rally. The next move is being monitored closely by the traders.
CoinCodeCap Trading highlighted that DOGE surged above $0.22, respecting the 200-period simple moving average. The identified pattern was a channel-down structure breakout. This is a characteristic of bullish momentum. The uptrend resistance is at $0.30. The support lines are pegged at $0.17 and $0.15. Analysts caution that DOGE is overextended in the short term.
MACD Signals Weakness
The Relative Strength Index (RSI) has risen to 49.01. This puts DOGE at a neutral point. It has recently moved above 70, signifying overbought conditions. RSI has since corrected, indicating that buying pressure decreased. This presents an opportunity to move sideways or accrue. It also indicates that the heat has been taken off.
The MACD indications confirm the neutral to bearish perspective. The MACD line stands at 0.0030 and the signal line stands at 0.0044. Such crossover signals a drop in the bullish momentum. The histogram has become red. Unless momentum comes in, price can move sideways or downwards.
Source: TradingView
Also Read: Dogecoin Breakout Alert: Is $0.25 the Next Stop?
According to CoinGlass data, the daily volume was up 10.17% to $18.81 billion. However, Open Interest decreased by 3.26% to $4.12 billion. This shows traders are liquidating. The decline in the Open Interest indicates indecisiveness. The volatility could rise in case support levels are retested.
Source: CoinGlass
DOGE Faces Resistance
Analyst Javon Marks revealed a more long-term picture. He thinks that DOGE can pull up to $2.28 in this cycle. The 1.618 Fibonacci extension corresponds with that level. The amount has been surpassed in previous DOGE bull runs. A relocation towards that target would indicate an appreciation of 800% relative to present pricing.
Short-term indicators indicate weaknesses despite bullish long-term outlooks. The RSI is no longer in the overbought region. MACD has become bearish. Open Interest is dropping. These circumstances indicate the existing movement could either stall or reverse. It is recommended that traders pay close attention to the volume and support levels.
DOGE is trading above its important moving average. A bull market may persist so long as the price sustains at the support level. In case it breaks down, additional downward may be next. The market keeps waiting as conditions change.
Also Read: DOGE Skyrockets 13.36%: Is This the Start of a Major Bull Run?
