Dogecoin has maintained more bearish movements than bullish ones over the past 24 hours. DOGE closed 2022 at the price of $0.07029 due to the market-wide crash following the FTX incident. Since the start of 2023, the token has remained between the $0.07 and $0.09 price ranges, indicating minimal action within this period.
While its 24-hour price is currently down by 5.66%, there’s no guarantee that it will continue declining or reverse to an uptrend. But some technical indicators may tell whether Dogecoin will resume the uptrend or fall even further.
Dogecoin Hit Resistance Level At $0.09268
Dogecoin maintained seven green bars, indicating a bullish trend over the last seven days. This price movement brought the token above a resistance level at $0.09268 yesterday after reaching the day’s high of $0.09449. It eventually closed the day at $0.09399 and continued a downtrend since the beginning of today.
On April 19th, Dogecoin entered around the $0.094 price mark. At the time of writing, the token has declined by 5.62% from this figure, as it currently trades at $0.08787. It has already dropped to the day’s low at $0.08417, indicating a buy move at the current price.
Notably, the Dogecoin price could resume an uptrend considering the recent boost in its trading volume over the past day. The meme coin saw about $1.5 billion in trading volume yesterday.
Meanwhile, the trading volume in the last 24 hours is a little over $1 billion, indicating around a 24.51% surge within the same period. The token could significantly recover with such trading activities on the network.
What’s Next For DOGE – Will It Plunge Or Soar?
As the daily chart indicates, Dogecoin is on a downtrend, creating a long red bar. This is the first red candle it’s posting after seven days of bullish price actions. But based on the current market sentiment, the coin will likely make an uptrend shortly.
Dogecoin trades above its 50-day and 200-day Simple Moving Averages (SMAs), indicating bullish sentiments for the token’s price. Also, the Relative Strength Index indicator is gradually approaching buy sentiments from its current neutral state at 54.58.
Based on the 1-day chart, some major resistance levels are $0.09268 and $0.10350. On the other hand, notable support levels are $0.07007 and $0.06259.
The indicators above show a higher tendency for the token to resume an uptrend than to continue a bearish move. However, crypto assets are volatile and could deviate from predicted prices without warning. So, invest with caution by employing risk management techniques.
Featured image from Pixabay and chart from Tradingview