Key Insights:
- Dogecoin forms an ascending triangle as RSI and MACD show bullish signs on the 4-hour chart.
- Traders eye an ascending triangle on the 4-hour chart as DOGE trades in a tight range with strong volume.
- Traders eye a breakout from an ascending triangle with possible targets between $0.13 and $0.15.
Dogecoin is trading in a tight range after a recent drop. Traders are watching closely to see if the current support level holds. As of now, Dogecoin is priced at $0.109359, with a 24-hour trading volume of over $2.28 billion.
The price has shown some signs of recovery, with a 4.66% gain in the past 24 hours. Some traders believe the price is holding a key support level, which could lead to a recovery.
Bullish Signs on Technical Indicators
Technical analysts have pointed out signs of possible strength on the 4-hour chart. Trader Tardigrade, a market watcher, posted that Dogecoin has a bullish signal, which may lead to a price increase. This is often seen as a setup for a potential upward move, though it is not guaranteed.
He noted that there is a bullish divergence showing on the Relative Strength Index (RSI), which can sometimes point to a reversal in trend. These signals are being watched as the price tries to stay above support.
The MACD also shows a recent bullish crossover, as this happens when short-term momentum rises above longer-term momentum. Traders often see this as a signal of strength. However, it needs confirmation from price action and volume to build confidence.
Support Zone in Focus as DOGE Tests Market Sentiment
However, DOGE is still trading below earlier highs, but the current support zone has not been broken. BitGuru highlighted that DOGE is sitting in a long consolidation zone after a big drop and liquidity sweep. He also said a bounce is possible if the support holds, but warned that losing it keeps the risk open.
Dogecoin Support Zone and Potential Breakout | Source: XTraders are now waiting to see if the coin can break out toward $0.13 or $0.15. If it fails to hold this base, the chance of further losses increases is possible. The market’s next move will likely depend on whether buyers step in at these levels or not.
DOGE’s 24-hour trading volume stands at over $2.2 billion, showing active interest in the coin. The next few sessions may offer clearer direction as traders monitor key technical levels.
| DISCLAIMER: The information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing. |
Source: https://coincu.com/analysis/dogecoin-key-support-traders-eye-recovery/
