- Historical trends suggest price rallies after touching the 100-week SMA, fueling speculation about a potential breakout.
- RSI has reached 33.36 which indicates an over-selling situation while the negative MACD signal supports short-term bearish trends.
- In the last 24 hours Dogecoin demonstrated a 6.1% increase that kept traders actively watching its upcoming actions as prices moved from $0.1539 to $0.1723.
Dogecoin (DOGE) has once again interacted with its 100-week simple moving average (SMA). Observations show this metric triggers extensive upward price action.
The crypto market shows increasing attention as Dogecoin maintains its value at $0.1703 while registering a 6.1% surge during the last 24 hours with market participants closely watching whether history will repeat itself.
Dogecoin Tests 100 SMA, Signaling Potential Breakout
Recent interactions of the dogecoin price with its 100 SMA have generated substantial price upticks. Historical data indicates the support level acted as a strong zone which resulted in a major breakout during the early phase of 2021.
Notable interactions with the 100 SMA occurred in late 2017 and early 2020, both of which preceded large upswings. The recent touch of the 100 SMA in 2024 raises speculation that a similar price movement may occur.
The chart highlights this with green markers, emphasizing past instances of substantial price appreciation following such interactions. As of the latest price action, DOGE has experienced a steady upward trend with the price fluctuating within a 24-hour range of $0.1539 to $0.1723.
Dogecoin Technical Indicators Hint at Bearish Pressure
The Dogecoin (DOGE/USDT) RSI is currently at 33.36, which is nearing oversold territory suggesting that Dogecoin may be experiencing selling pressure, but it is approaching a level where a potential price reversal or relief rally could occur.
The MACD indicator shows negative momentum since the MACD line trades below its signal line. The decreasing MACD trend demonstrates low demand pressure indicating Dogecoin remains within its current correction period.
The bearish outlook for Dogecoin persists in its short-term analysis due to the RSI behavior with oversold signals and MACD producing negative values. RSI exhibiting stable conditions alongside increased buying pressure would probably trigger a price rise towards resistance areas.
