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The Dogecoin (DOGE) stock is trading around the range of $0.13.
The daily trading volume has increased by more than 69%.
Until December 22, both bearish and bullish pressures have dominated the cryptocurrency market. All major assets are striving to recover. Meanwhile, the market cap of meme coins has stabilized at $43.90 billion, following a slight decline. Over the past 24 hours, Dogecoin (DOGE) has recorded an increase of 0.26% among meme coins.
The meme coin opened trading at its lowest level of $0.1289, and after buyers took control, the price rose to its highest level of $0.1331. As the short-term bullish momentum gains strength, the price may rise towards new record levels.
The price of Dogecoin (DOGE) is currently trading at $0.1322, while its market cap has reached $22.29 billion. As a result, the daily trading volume of this cryptocurrency has increased by over 69.98% to $878.54 million. CoinGlass data indicates a market liquidation of $2.42 million in Dogecoin over the past 24 hours.
A graphical analysis has shown a sequential buy signal (TD Sequential) for Dogecoin, indicating a potential decrease in selling pressure and the emergence of a reversal or short-term bounce in direction. On the three-day chart, the completion of the TD pattern indicates a slowdown in bearish momentum.
Is Dogecoin (DOGE) preparing to change its direction?
The Moving Average Convergence Divergence (MACD) line for Dogecoin is above the signal line, indicating a bullish trend. The current trend is likely to continue upward. Additionally, the Chaikin Money Flow (CMF) indicator for Dogecoin, at 0.09, suggests slight buying pressure. Capital is flowing into the coin, and its momentum is weak to moderate, insufficient to confirm a strong bullish trend.
DOGE chart (Source: TradingView)
Assuming the Dogecoin price remains above the resistance level of $0.1332, this could lead to the formation of a golden cross. With further upward correction, buyers are likely to push the coin to its recent high above $0.1340. Conversely, the price of the coin may decline and find nearby support around $0.1312. If the sellers' strength is sufficient, a death cross may form, pushing Dogecoin to retest the resistance level below $0.13.
Moreover, the reading of the Buyers and Sellers Power Index (BBP) at 0.00258 indicates a nearly neutral momentum; the momentum of buyers and sellers is approximately equal. Currently, there is no clear control from either side. The daily Relative Strength Index (RSI) for Dogecoin at 54.42 indicates neutral to slightly bullish momentum, meaning it is not in overbought or oversold territory. With a healthy consolidation, there is still room to move in either direction.$DOGE
