Dogecoin (DOGE) is currently trading at $0.2691, which is down by 7.57% over the last 24 hours. Its trading volume has declined by 41.43% and is currently standing at $5.31 billion. This decline highlights a slowdown in the recent advancements within the cryptocurrency sector.
Source: CoinMarketCap
Despite the daily decline, DOGE has shown a positive upward trend over the past week. The cost has increased by 15.86%, indicating robust recovery and promising growth ahead. Compared to a short-term dip, the performance of this week indicates market stability.
Crypto analyst Trader Tardigrade highlighted that a pullback is a normal reaction to the recent high in DOGE. He pointed out that this temporary decline will not weaken the cryptocurrency. The Ichimoku Analysis indicators lie in tandem, indicating further bullishness.
Currently, all long trades are profitable, and traders will seek bearish signs before profits will be made. A bearish crossover may happen when the Kijun-sen line is lower than the Tenkan-sen line.
DOGE has constant support levels. The main support lies at $0.24770, which is shown by the Kijun-sen line. Further support is found between $0.22400 and $0.21517, which is influenced by the Kumo. These levels indicate high prospects of an upward price action. This shows a bullish trend with a +4 score in both the short and long term.
Source: X
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The RSI (Relative Strength Index) is at 62.52, indicating that the coin is in the oversold zone. Nevertheless, it still has the opportunity to go upwards. MACD (Moving Average Convergence Divergence) also exhibits good momentum; the fast line indicates 0.00591 and the slow line indicates 0.01405. This shows that the token still is under the bullish pressure.
Source: TradingView
According to CoinGlass data, trading volume has fallen by 38.95%, standing at $12.30 billion. The Open Interest has declined by 7.68% to $5.66 billion. The OI-Weighted Funding rate stands at 0.0089%, which shows a neutral prognosis in the market.
Source: CoinGlass
DOGE has been resilient despite the recent price decline. The cryptocurrency has had a possibility to recover and experience positive momentum throughout the week. The traders are closely monitoring potential reversal or further growth signals. Cryptocurrency is still projected to have a bright future as key support levels are sustained and the technical indicators are also bullish.
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