Dogecoin (DOGE) is currently trading at $0.2677 and it has fallen by 0.55% in the last 24 hours. The volume of the coin has also been declining by 24.78% and is currently at $4.21 billion. These numbers indicate a temporary correction in price action and general market activity.
Source: CoinMarketCap
Dogecoin performed positively last week despite the variation in the daily dip. It has increased by 12.1% over the last seven days, indicating a case of renewed purchases and stronger dynamics in the medium term. This weakness in daily terms and growth in weekly ones points to the changing mood in the market.
Trader Tardigrade, a crypto analyst, highlighted the bullish case with Ichimoku signals. There are no bearish indicators on the chart. Long positions are profitable and will be held until a reversal occurs. The Kijun-sen line has strong support at $0.24770. Further support areas are located between $0.21517 and $0.22214 in the Kumo.
The Kumo is green, and this indicates upwards movement. DOGE is traded above the Kijun-sen line in the short term. In the midterm, prices have been above the Kumo cloud. The Chikou Span is above the price levels in the long-term perspective. These circumstances make the Ichimoku score strong at +4.
Source: X
There are also historical indications that support this position. On September 13, a bullish Tenkan-sen/Kijun-sen cross was registered. On September 10, a Chikou Span cross was followed. Previous validations were a price/Kijun-sen cross on September 8, a Kumo breakout on September 7, and a Kumo twist on July 18. All these movements affirmed the presence of a strong upward bias in the market.
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The Relative Strength Index (RSI) gives a clear indication of the market sentiment. DOGE has an RSI of 62.09 and the signal line is 60.27. The reading puts the asset in a bullish position without approaching overbought. Traders keep a close watch on the range to detect continuity trends. The values indicate a prolonged purchase process and still allow an increase in the upside.
The Moving Average Convergence Divergence (MACD) is 0.014133 and the signal line is 0.01031. The histogram is at the position of 0.00382. These alignments prove that the momentum favors the bulls. These statistics point to the fact that buyers are on the go, although the daily retreat was a case of temporary profit-taking by its participants.
Source: TradingView
According to CoinGlass data, the trading volume decreased by 26.51% to $8.88 billion. Open interest declined by 2.48% to $5.31 billion. The OI-weighted funding rate is 0.0063%. This favorable rate indicates that traders continue paying premiums to hold long positions. The figures show that bullish confidence remained despite the temporary decline in the short run.
Source: CoinGlass
DOGE experiences a slight decrease per day, though the tendency of the week is positively strong. Technical indicators such as RSI and MACD still favor the bullish momentum. As long as the major support levels persist, the overall picture of DOGE remains bright.
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