The recent price action of Dogecoin (DOGE) has shown some signs of stabilization, as the cryptocurrency attempts to reclaim higher levels. After testing a low around $0.16992, technical indicators like the MACD and RSI point to potential bullish moves ahead, specifically towards the $0.1770 resistance level. A deeper look into these indicators could provide further insight into Dogecoin’s short-term price forecast.
MACD indicator: Indicating a potential bullish reversal
The Moving Average Convergence Divergence (MACD) shows a slight bearish crossover, with the MACD line at 0.00298 and the signal line at -0.01538. This suggests that while the momentum is currently weak, it is not entirely negative.
The histogram’s shift toward the positive side indicates that the market is preparing for an upward move. If the MACD line crosses above the signal line, this could trigger a positive price movement towards the next resistance.
RSI: In oversold territory, potential for a reversal
The Relative Strength Index (RSI) on the daily chart shows a reading of 36.49, just below the neutral 40 level. This indicates that Dogecoin is not in overbought territory but rather approaching oversold conditions. A potential rebound from these levels could push the RSI back above the 40 mark, signaling strength and an opportunity for buyers to re-enter the market.
Given the current technical setup, Dogecoin appears poised to reclaim the $0.1770 level, contingent upon a sustained breakout in both the MACD and RSI indicators. A rise in buying pressure could see DOGE reaching this target, further strengthening the case for a short-term bullish trend.
The current Dogecoin market movement revealed
Tracking the current market movement, CoinMarketCap data indicates that Dogecoin’s price currently stands at $0.1698, marking a 0.47% increase in the past 24 hours. The market cap of DOGE is $25.23 billion, and its trading volume in the past 24 hours has been $548.71 million, reflecting a 15.70% increase. The volume to market cap ratio stands at 2.17%.
Over the last 24 hours, the price of Dogecoin fluctuated within a range. It reached a high of $0.1710, with a dip to $0.1690 before recovering. At 9:10 PM UTC on March 23, 2025, the price was at $0.1701. The circulating supply of Dogecoin is 148.55 billion DOGE, which matches its total supply.
