Is DOGE Ready for a Major Rebound? Key Support Tested, Targeting $0.60

• DOGE is trading at $0.23, up 0.71% in 24 hours, but trading volume has dropped 57.21% to $1.53B.
• The $0.22–$0.24 support range is key for DOGE and holding it could trigger a 30% rebound.
• RSI at 51.27 shows neutral sentiment, while the MACD’s positive crossover signals potential for a price increase.

As of press time, the Dogecoin (DOGE) is trading at $0.23, with a rise of 0.71% over the past 24 hours. Nevertheless, the trading volume has declined considerably by 57.21% to have a volume of $1.53 billion. The DOGE has also reduced by 1.9% over the last week, indicating a consolidation in the market.

DOGE Approaching Key Support

BitGuru highlighted that DOGE presently holds close to a crucial level of support between $0.22 and $0.24. This is a price level that has been critical previously to DOGE rallies.DOGE is being tested at this significant level after retreating from its high of $0.2862. In case it breaks, DOGE might experience a 30% rebound and jumpstart its rally.

The price of DOGE had been climbing from $0.17587 to $0.28667. Nevertheless, the market is entering the correction phase and DOGE is approaching the support area of $0.227. This support is critical to prevent more falls towards the $0.18 demand level. A fall below $0.227 may result in a short-term bearish trend.

Also Read: Bitcoin Surges as IBCI Signals Bullish Momentum: What’s Next?

Bitcoinsensus mentioned that DOGE is preparing a major price action. The trendline, which is serving as support, has also played a significant role in sustaining the uptrend. These rallies have been more impulsive and the likelihood of a big impulse up is higher. DOGE has the next goal set at the price of $0.60 and $0.70.

RSI and Market Sentiment

The relative strength index (RSI) stands at 51.27. This unbiased reading shows that DOGE is neither overbought nor oversold. It indicates that the price is open to move upwards or downwards. When the RSI rises beyond 60 then this would indicate greater bullish power. On the contrary, when it drops below 40, bearish pressure may increase.

The MACD (Moving Average Convergence Divergence) indicator has a positive crossover. The MACD line is in a cross-over with the signal line, which indicates upward pressure. The MACD value is currently at 0.0012, which further indicates the possibility of a price rise in the short run.

In case DOGE could hold at present prices, it will see a major boom. The market is set up for a possible outburst. A successful rebound may drive DOGE prices up and reinvigorate the interest of investors.

Also Read: Dogecoin Poised for Massive Rally if Key Support Holds, Analyst Reveals