DOGE is currently trading at $0.2380 following a 10.34% decline over the past 24 hours. The trading volume showed a high level of activity in the coin that increased by 182.12% and is currently standing at $4.71 billion. The steep rise in volume is an indication of the increased market activity, in spite of the fall in price.
Source: CoinMarketCap
During the last seven days, the DOGE price has decreased by 9.58%. The coin is still under pressure to sell, and traders have increased its trade activity. The trend underscores volatility as the key contributor to its short-term performance.
Crypto analyst Trader Tardigrade highlighted that DOGE remains above the Ichimoku Kumo cloud and below the Kijun-sen baseline. There were no bearish Ichimoku indicators. A total of five long trades are still held in profit. The technical conditions suggest that bullish momentum is present, even though the price is currently trending downward.
The support can be observed between the kumo cloud of $0.21517 and $0.22214. These ranges create strategic defense areas that buyers can establish. Stability in the short term may be reflected in holding above these levels.
Source: X
Trend indicators are signaling strength. Price is moving above the Kijun-sen, which proves the short-term increase. The Kumo cloud is being surpassed by the middle trend. The long-term Chikou Span also lies on top of price action. Combined, these factors produce a +4 score, indicating a sharp uptrend.
The bullish trend is supported by historical indicators. On September 13, a Tenkan-sen and Kijun-sen crossed over the Kumo. On September 10, the Chikou Span indicator overcame the price line, indicating the bullish trend. On September 8, Price is above the Kijun-sen line. It was followed by a breakout above the Kumo cloud on September 7. The Kumo twist on July 18 also provided support for a positive bias.
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Moreover, one more analyst, Degen Hardy, also mentioned that DOGE might already have hit its lowest point. He observed that he had spotted a price retesting a day trendline. Hardy referred to the arrangement as a classical break-and-retest formation. These trends are usually seen prior to renewed upward momentum.
Source: X
According to CoinGlass data, the trading volume of DOGE increased by 187.71% to $10.62 billion. Open interest dropped by 17.72% to $4.28 billion, which indicated reduced leveraged exposure. The OI-weighted funding rate is at -0.0008%, with neutral positioning. Such a combination implies that the traders appreciate spot markets more than leverage.
Source: CoinGlass
DOGE also has a bullish structure in its technical indicators despite the selling pressure. Increasing trading volumes and definite support provide traders with a future destination in making a move. Although in the short-term perspective, the declining approach has burdened the sentiments, there are wider signs that reveal that recovery may be possible.
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