Dogecoin is facing consolidation after recent volatility, with analysts watching for a potential breakout to determine its next move.
Notably, Dogecoin (DOGE) is seeing a slight 0.5% increase in the past day, now trading around $0.1218. This comes after testing a range between $0.1206–$0.1233. The price shows a consolidating trend after notable volatility.
Dogecoin remains down 4% over 7 days and 11.9% in the last 14 days, showing it is struggling with short-term selling pressure. Further, the coin has declined over 30 days, with a slight decrease of 1.8% during that period. The price seems to be holding steady above key support levels around $0.12, but for a more sustained upward move, Dogecoin would need to break through its resistance levels.
Dogecoin Price Analysis
Notably, on Dogecoin’s daily chart from TradingView, the Supertrend indicator remains above the price, signaling a bearish trend as the coin faces resistance around $0.1416. On the other end, the price is held by a support level near $0.117, where price has previously reverted.
The price action shows continued pressure on the downside, and for Dogecoin to shift momentum, it would need to break above this resistance. If it fails to break the resistance and sustain a move higher, further downside toward $0.10 could be expected.
The Relative Strength Index is at 38.47, which is below the neutral 50 level, suggesting weak momentum and that the coin is nearing oversold conditions. This indicates that Dogecoin could be due for a short-term bounce. With the Supertrend still in bearish territory, and the RSI indicating limited buying momentum, Dogecoin could continue to consolidate or face more downside before a meaningful recovery.
Will Dogecoin Test Next Resistance
Elsewhere, analyst World of Charts suggests that Dogecoin is showing signs of potential upward movement after breaking out of its current consolidation range.
Per the analyst, once the price moves above the horizontal zone, DOGE could begin targeting the next resistance levels, which lie between the $0.15 to $0.16 range in the coming period.
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