Dogecoin (DOGE) has recently been showing signs of a nearing pullback as its price exhibits similar patterns to previous downturns.
According to technical analysis indicators like the MACD (Moving Average Convergence Divergence) and RSI (Relative Strength Index), DOGE is at a critical point, signaling the potential end of this phase.
Technical analysis signal reversal
From the analysis provided by Trader Tardigrade, the price has entrenched tendencies of taking some resistance levels and then pulling down in a decreasing manner.
The MACD indicator shows a trading range from the middle of 2022 through early 2023 when the price stayed range-bound.
However, there is an opposite case with the Relative Strength Index (RSI), which illustrates the rising trend of the upward movements coupled with the downward ones.
The RSI becomes weaker as the price starts falling, with the appearance of a downturn in the RSI indicating a weak buying signal. During these periods, it is also clear that there are flips in trends in this chart characterized by instability and changes in the price.
The MACD and RSI are strategic measures that are used to analyze trends in the market. Both of them look surprisingly good, as do other similar pullback patterns that we have observed in the past. Dogecoin is then ready to head North once this phase is done, depending on the charts as analyzed below.
Dogecoin’s current market performance
Tracking the current market performance at the time of writing, the price is $0.1592. The market capitalization stands at $23.7 billion, reflecting a 4.39% decline in the last 24 hours. Trading volume for the past 24 hours is $883.55 million, down by 8.80%.
The circulating supply of DOGE is 148.86 billion coins, which is also the total supply. The price chart shows a consistent downtrend in recent hours. Dogecoin’s overall market sentiment is bearish, with a price drop continuing through the day.
