• Dogecoin gains 1.67% in 24 hours but remains down 2.92% weekly.
• The Price faces rejection near $0.29 while holding support at $0.21.
• Volatility tightens, hinting at an upcoming breakout or breakdown.
• RSI and MACD show early signs of mild bullish recovery.

Dogecoin (DOGE) continues to display strength after a modest 1.67% rise over the last 24 hours. Despite the short-term gain, the meme coin is still down 2.92% for the week, indicating a cautious recovery. At press time, the token is trading at $0.2481.

The 24-hour trading volume stands at $3.13 billion, showing steady activity across exchanges. Although the token’s market capitalization stands at $37.56 billion, with an appreciation of 1.68%. The broader sentiment remains cautiously optimistic as DOGE consolidates near key support levels.

Also Read: Dogecoin Forecast For October 10: Analyst Eye $1 Next

Technical Indicators Suggest Tightening Price Range

On the weekly timeframe, the token is consolidating after facing resistance near $0.2905, a level that coincides with previous swing highs and the upper Bollinger Band. Rejection at this level has kept the price in check, indicating that bulls are struggling to maintain upward momentum.

The weekly candle shows a minor 1.97% drop, reinforcing the view of weakening bullish momentum. However, the broader outlook remains positive as long as DOGE stays above the 20-week SMA at $0.2189.

DOGE is bullish in the short term with a mildly bullish chart formation amidst tightening Bollinger Bands. Tightening is an indication that volatility is fading, commonly a precursor to an eventual big directional movement. A price breakout above $0.2905 will take DOGE up to $0.35, even as far as $0.50, but sliding below $0.2189 will result in a retest even deeper to the level around $0.1474.

DOGE Momentum Indicators Show Neutral Bias

The Relative Strength Index stands at 53.69, indicating neutral market sentiment. It remains close to the midpoint, suggesting a balance between buying and selling pressure. A breakout above 55 would signal the onset of fresh up momentum, while a move below 50 would reinitiate the descent towards the next supports.

Meanwhile, the MACD index displays the slightest bullish crossover, where the MACD line is positioned 0.01067 above the signal line 0.00628. The histogram bars are green, predicting rising buying pressure to initiate an uptrend. The overall sentiment is cautiously bullish, where the traders are monitoring for improved momentum coupled with a strong breakout in the next sessions.

Also Read: Is Dogecoin Poised for a Bullish Breakout to $0.60?