Dogecoin price holds as technical patterns hint at a possible market shift. DOGE trades near $0.25 after losing about one-third of its value over the past month.
The price has changed little over the last 24 hours, closing at $0.2533. Dogecoin’s current market capitalization is $37 billion. Meanwhile, 24-hour trade volume fell by 13.40% to $1.31 billion. Despite the market fluctuations, DOGE has remained above the $0.24 support level.
Dogecoin price movement and community sentiment
Dogecoin has recovered back from last week and is slightly making up for the loss from earlier this month. It has been above the $0.24 support zone, and that’s a good sign of market confidence. Dogecoin is known for having a strong community and sometimes gets a boost from celebs like Elon Musk.
Dogecoin has faced challenges and has overcome several resistance levels. Investors fear Dogecoin’s long-term viability, as seen in the volatility of trading volumes. Unlike newer cryptos that have evolving utility, DOGE is highly dependent on market sentiment, speculation, and social media for price movement.
Technicals indicate Dogecoin’s price may rebound
Market analyst Ali Martinez says there are signs of Dogecoin rebounding, citing the TD Sequential indicator. This indicator gave a buy signal on the 4-hour chart after a series of down candles, which usually means a trend reversal. Recent candlesticks also show that an up-trend is forming, adding to the chance of price up.
The Moving Average Convergence Divergence (MACD) indicator shows the MACD line slightly exceeding the signal line. With the MACD value at 0.00241 and the signal line at -0.02033, this mild bullish crossover indicates easing selling pressure.
The Relative Strength Index (RSI) sits at 37.26, nearing oversold conditions, which suggests that Dogecoin may be undervalued. The trading volume stands at 280. million, reflecting moderate but growing investor activity.
Currently priced at $0.2523 with a 1.02% daily increase, Dogecoin’s immediate support lies at $0.25000, with further backing at $0.24000 and $0.23000. Sustaining above these levels could pave the way for DOGE to reach its next target of $0.26, as technical signals continue to indicate bullish momentum.
