- DOGE is holding within the $0.093 range.
- The trading volume has exploded by over 124%.
The meme coin market cap today is settled at $33.20 billion, with the dog-themed Dogecoin (DOGE) having spiked by over 2.81%. It has faced sharp corrections from its previous highs. Moreover, as per an analyst, around $28 billion of DOGE was traded at the $0.074 level, making it a key support zone.
A large number of buyers have entered at this price, thus it acts as a strong floor if the price drops. If it holds above this level, it may stabilise or bounce. Notably, if it breaks below, it could trigger further downside as confidence weakens.
At the time of writing, it is trading around $0.09362, with its daily trading volume of the meme coin having skyrocketed by over 124.74%, reaching the $1.65 billion mark. Besides, the DOGE market has observed a liquidation of $3.62 million, as reported by the Coinglass data.
If Dogecoin fails to hold above the $0.09377 mark, the price might slip toward the support zone below $0.09330. Upon losing this key range, it could likely send the meme coin price deeper into bearish territory. On the flip side, a bullish recovery of the DOGE momentum could climb and attempt to reclaim the $0.09393 resistance range. Further pressure on the upside may trigger the asset’s price action to mount higher.
DOGE Chart Check: Are Indicators Turning Bullish or Bearish?
On the technical chart, the Moving Average Convergence Divergence (MACD) and signal lines sit below the zero line, and the Dogecoin market has been trending down. Also, the price is struggling to build upward strength. Unless these lines start moving up, they continue to drift lower.
The Chaikin Money Flow (CMF) indicator of DOGE at 0.03 shows very light buying pressure. The money is flowing into the asset, but it is not strong. The buyers have not fully stepped in yet. The market is moving sideways with a slight upward bias, unless the inflow starts picking up.
In addition, the meme coin’s Bull Bear Power (BBP) value of 0.00106 is neutral. No proper strength is delivered from either buyers or sellers, and the Dogecoin market is indecisive. This indicates sideways movement, unless a stronger push starts to build.
DOGE’s daily Relative Strength Index (RSI) at 51.53 sits above the neutral zone, with a slight bullish tilt. Buyers have a small edge, but the momentum is not strong. The market is trying to move up rather than making a sharp push. If it climbs higher, it signals growing strength.
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Source: https://thenewscrypto.com/doge-price-outlook-rebound-incoming-or-more-sideways-action/
