thenewscrypto.com
- Dogecoin is hovering near the $0.083 zone.
- There is mild selling pressure in the $DOGE market.
With the fear sentiment hovering across the crypto market, both red and green charts are built within. Meanwhile, the meme coin market cap is settled at $29.8 billion. Among the tokens, Dogecoin ($DOGE) has marked a spike of over 2.18% in the last 24 hours. It is currently trading at around $0.08398.
Besides, the daily trading volume of $DOGE has dropped by over 31.45%, reaching the $357.34 million mark. Notably, the meme coin’s lowest and highest trading ranges were found at $0.08189 and $0.08421, respectively, according to the CoinMarketCap data.
Upon the bearish correction strengthening, the $DOGE price might drop into the $0.082 support range. If the bears gained more power within the current market, the death cross might unfold and likely send the price even lower.
Conversely, a bullish reversal could push the Dogecoin price upward to the resistance level at around $0.084. Assuming a situation where the upside pressure builds more traction, the golden cross might emerge.
$DOGE’s Technical Chart Trends: Where is it Heading?
When both the Moving Average Convergence Divergence (MACD) line and the signal line of $DOGE are stationed below the zero line, the market is trading in a bearish zone. The sellers continue to have control of the broader price action, and it reflects a sustained downtrend, even if short-term rebounds occur along the way.
Moreover, the Chaikin Money Flow (CMF) value is resting at -0.09, exhibiting mild selling pressure in the Dogecoin market. As the indicator is below zero, the capital outflows slightly outweigh the inflows. This points to a slight bearish sentiment, with some distribution but not enough to signal strong selling dominance.
The daily Relative Strength Index (RSI) reading of $DOGE is positioned at 45.68 points to slightly bearish but largely neutral momentum. It is sitting below the 50 range, with sellers holding a small edge. However, the market is in a consolidation or a mild downtrend, where neither bulls nor bears have firm control.
Furthermore, Dogecoin’s Bull Bear Power (BBP) is settled at 0.00039, which is in the neutral line, with only a brief bullish bias. The positive value is too small to indicate strong bullish momentum. It is a balanced market with weak momentum, and traders wait for a stronger catalyst before the next directional move.