Dogecoin (DOGE) is currently trading at $0.2757, representing a decline of 1.26% within the last 24 hours. The cryptocurrency also recorded a decline in trading activity, with the volume reducing by 25.64% to the current level of $4.02 billion.
Source: CoinMarketCap
Although the trend is downward, DOGE has demonstrated an upward trend in the last seven days, with an increase in price of 6.15%. This shows that short-term performance has declined, but overall, the weekly trend is on the up slope.
Crypto analyst Rekt Capital highlighted the significance of the level of $0.27. He observed that in case DOGE manages to make this price point act as support, it might increase to $0.33. This scenario will have to be confirmed by daily and weekly closes above 0.27. In the absence of that, the bullish momentum can diminish, and the coin can be susceptible to further consolidation.
Source: X
Furthermore, Ali Martinez, another analyst, mentioned that a breakout above $0.29 could potentially lead to further upside. According to his analysis, it is possible that DOGE will shoot to $0.36 and even to $0.45. Meanwhile, $0.29 is an apparent resistance area that buyers have to break to ensure new strength.
Source: X
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According to the CoinGlass data, the trading volume fell 21.66% to $9.96 billion, indicating a decrease in spot activity. Meanwhile, the open interest rose 0.74% to $5.60 billion. The OI-weighted funding rate remains constant at 0.0120%. The figures are an indication that traders are repositioning as they wait to take decisive action.
Source: CoinGlass
The Relative Strength Index (RSI) is 62.78 with the signal level at 62.85. These readings put DOGE towards the overbought conditions, but not on the extreme side. A bullish continuation is usually backed by an RSI of over 60, which provides a minor advantage to the buyers.
The Moving Average Convergence Divergence (MACD) contributes to this projection. The MACD line is at 0.01538 and above the signal line at 0.01230. The histogram indicates a consistent upward trend with a value of 0.00308. Nevertheless, the MACD moving closer to the signal line suggests that the short-term consolidation might occur.
Source: TradingView
DOGE moves in the direction of the market concerning the prevailing support and resistance areas. The support at $0.27 will hold on to bullish expectations. The trigger point will be to break $0.29 to initiate bigger moves. These levels remain under the focus of traders, with the next initial breakout or rejection determining the short-term trend of DOGE.
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