Despite the prevailing bearish trend in the market, a well-known meme-based cryptocurrency Dogecoin (DOGE) tries to regain health. This unexpected upward trend occurs despite sentiment and overall market conditions remaining broadly negative. Traders and investors are keeping a close eye on the situation as DOGE tries to make up ground by trying to decipher what this possible reversal could mean.
Several factors may be behind an attempted recovery, including market reactions to news reports, changes in investor sentiment, or technical indicators signaling oversold conditions. But the question remains: can DOGE keep it up? bounce and reverse the downward trend, or is it just a short-lived escalate before further declines?
This introduction delves into the dynamics of DOGE’s current price action and explores what investors can expect in the near future.
As of this writing, DOGE’s market capitalization is over $20 billion, trading volume is over $715 million, and its price is up 1.33%, trading at around $0.14297 in the last 24 hours. DOGE’s market capitalization and trading volume decreased by 0.73% and 43.92%, respectively.
DOGE growth analysis
Although DOGE price is currently trading below the 100-day Elementary Moving Average (SMA), analysis of the price movement on the 4-hour chart shows that DOGE is trying to gain momentum by dropping bullish candlesticks.
Furthermore, given that the signal line of the 4-hour composite trend oscillator indicator has crossed above the SMA and is heading towards the zero line, this confirms the earlier claim that DOGE price may escalate.
On the 1-day chart, DOGE price is trying to rise by developing a bullish candle, trading below the 1-day SMA. This means that the price of DOGE may escalate and at some point it may start to decrease again.
The signal line and SMA of the Composite Trend Oscillator indicator on the 1-day chart have crossed and are trying to fall below the zero line. This confirms the above statement that at some point the price of DOGE may start falling again.
Bullish or bearish trajectory?
If this uptrend continues, DOGE price will rise towards the $0.14911 resistance level despite DOGE’s continued cynical outlook. DOGE could climb higher to challenge the resistance level at $0.16490 if it breaks above the $0.14911 level. If a breakout occurs above the previously indicated level, crypto assets may become bullish.
There is a trend that DOGE price will start to decline towards the $0.13580 support level if will not exceed the level of USD 0.14911. The crypto asset will continue to fall, challenging the $0.12014 support level with a break below the $0.13580 level and even other levels thereafter.
Featured image from iStock, chart from Tradingview.com
