Dogecoin (DOGE) is currently trading at $0.2227, an increase of 5.05% over the last 24 hours. Trading volume decreased by 4.48% to $2.93 billion. There is overall low participation compared to the previous sessions despite the daily increasing participation.
Source: CoinMarketCap
Over the past week, the price of Dogecoin has declined by 9.5%. The coin fails to sustain upward momentum relative to the short-term gains. The Dogecoin market sentiment remains mixed, with investors keeping track of its price resilience.
Crypto analyst Crypto Zeinab mentioned that Dogecoin (DOGE) is portraying a similar setup to its 2024 valuation when a rounding bottom led to a massive breakout. At the time, the coin went through an uptrend run, soaring to a much higher than normal position of $0.49 after overcoming the resistance, creating a precedent to follow in the current market.
The analyst believes that a break above $0.29 would provide the boost to another rally. The charts also show a converging triangle, a pattern that foreshadows steep price moves. In case the buying impetus gains traction, cryptocurrency can reiterate its previous explosion and potentially hit $0.80 in Q4.
Source: X
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The Relative Strength Index (RSI) is at 49.97. This results in DOGE being in a neutral state, where it is neither overbought nor oversold. An RSI above 60 would affirm higher bullish action, whereas a drop below 45 could spell further selling.
The MACD gives conflicting indications. The MACD line is 0.00175, rather than the signal line, which is at 0.00336. The histogram is bearish at -0.00161. But the decreasing gap between the MACD and the signal line can indicate that a crossing may occur.
Source: TradingView
According to CoinGlass data, the trading volume increased by 12.75% to $6.28 billion, with stronger turnover across exchanges. The increase is a result of merchants having more contributions and stable deposits, as well as monitoring the movement of the token value.
Open interest gains increased by 2.28% to $3.30 billion, indicating the holding of additional contracts. The OI-weighted funding rate is 0.0042%. The consistency is confirmed by the participation of market participants, however, there is no indication of excessive speculation or one-sided positioning.
Source: CoinGlass
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