Dogecoin Faces Pressure as Price Struggles Near $0.12 Mark

Dogecoin has gained 1.86% over the last 24 hours, trading around $0.1171 at the time of writing. DOGE has, however, dropped 6.93% in the past week. The digital asset has struggled to maintain stability, hovering around $0.12 while briefly falling to $0.11 during the downward move.

Influencer Predictions Spark Optimism

Kamran Asghar, a well-known figure in cryptocurrency circles, recently shared his outlook on Dogecoin’s potential trajectory. His analysis of X highlighted what he views as a coiling pattern in the price structure. The influencer believes this tight consolidation phase could precede a breakout movement.

Asghar’s projection points to a near-term climb toward $0.14. This forecast has generated discussion among traders and investors monitoring the meme coin’s performance. The prediction represents a notable increase from current levels, suggesting room for upward momentum if market conditions align favorably.

Such optimistic projections often attract attention in the volatile cryptocurrency market. Traders frequently look to technical patterns and consolidation phases as indicators of impending price movements. The tight range Asghar identified could signal accumulation before a directional break.

Technical Indicators Paint a Different Picture

Contrasting perspectives emerge from the technical analysis tools available on TradingView. Multiple indicators currently signal a warning for Dogecoin holders. The Awesome Oscillator has generated a sell signal, pointing to potential weakness in the current price structure.

The momentum indicator reinforces this cautious outlook. It too flashes sell signals, suggesting that downward pressure may dominate in the immediate future. These technical readings indicate that sellers currently hold more influence than buyers in the market.

The divergence between bullish predictions and bearish technical signals creates uncertainty. Selling pressure appears to be gaining strength based on standard momentum measurements. This dynamic could contribute to further price declines if the pattern continues.