- DOGE is currently trading within the $0.091 mark.
- Dogecoin’s trading volume is up by more than 72%.
The dog-themed Dogecoin (DOGE) has registered a slip in value of over 2.78%. The meme coin was encountering sudden fluctuations on the price chart, with both red and green candles. It is currently trading at $0.09184, with the daily trading volume of DOGE increased by over 72.87% to $2.06 billion.
If the asset’s market failed to pick up the bullish momentum, the price movement would see noticeable losses. It would likely revisit the former lows. Sustaining a level above the $0.10 mark would trigger the bulls to inch closer to their recent highs.
DOGE’s recent price pattern reports a brief upward momentum. If the in-progress trend intensifies, the price action might test the nearest and key resistance at around $0.095. An extended gain would strengthen the bulls, and the price would go even higher.
However, a bearish shift in the Dogecoin market could nullify this positive outlook, and the price may move down to the $0.087 support zone. Upon the downside correction deepens the losses, the meme coin might witness the price trajectory slipping even lower.
Could DOGE’s Brief Bullish Momentum Continue?
DOGE’s daily Relative Strength Index (RSI) of 50.40 is slightly above the neutral level. The market has very mild bullish momentum, and the price may continue to move sideways. A rise toward 55–60 could signal a growing uptrend. In addition, the Bull Bear Power (BBP) of -0.00008 reveals a weak bearish strength. It is extremely close to 0, and neither the buyers nor the sellers have a strong role; it is in a consolidating phase. A move above 0 would trigger the buyers to gain control.
The Moving Average Convergence Divergence (MACD) line is positioned above the signal line, showcasing the brief bullish momentum in the DOGE market. Also, the short-term price movement is stronger, and the traders view this as a potential buy signal. If the gap between the lines widens, it indicates strengthening bullish momentum.
Besides, the Chaikin Money Flow (CMF) indicator of Dogecoin at -0.05 points to mild selling pressure in the Dogecoin market. The value is slightly below zero, and the capital outflow is mildly higher than the inflow. However, the pressure is not very strong, with the market in a weak zone. If it moves further below, the selling pressure may increase.
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Source: https://thenewscrypto.com/can-doge-turn-the-tide-a-comeback-attempt-amid-market-weakness/