• DOGE is down 0.97% in 24 hours but up 0.68% over the past week, indicating a positive long-term trend.
• Analysts predict a strong DOGE rally as the coin stabilizes, attracting casual investors in the near future.
• MACD shows a bullish divergence, and RSI indicates a balanced market, hinting at a potential price surge soon.

Dogecoin (DOGE) is currently trading at $0.2242, with a 0.97 percent decrease in the past 24 hours. Trading volume has also declined with a reduction of 28.14%. The current trading volume stands at $3.49 billion.

Source: CoinMarketCap

Regardless of this, DOGE has shown an increase in value of 0.68% in the last week. The longer-term movement is a bit positive, but short-term positions exhibit a decline in prices.

DOGE Pullback Signals Potential for Upcoming Price Surge

BitGuru, a cryptocurrency analyst, highlighted that DOGE is currently experiencing a decline in value prior to its subsequent substantial movement. The coin is currently exchanging hands at $0.2265, which is above a significant short-term support following a remarkable gain of 18.2%. This implies that the market is resting temporarily before any possible subsequent surge.

Source: X

The market is at the pullback stage and is testing the demand. This period may contribute to the decision of whether DOGE will further rise in value. This coin can be gearing toward a higher run in the near future in case its demand proves to be strong.

Moreover, another analyst, Altcoin Gordon, mentioned that DOGE is preparing to mark a massive rally. Analysts think that the coin is set to break out. As DOGE stabilizes, it will attract the attention of so-called casual investors, or normies. The analysts make predictions of a huge hike in the value of the token in the short run.

Source: X

Also Read: Solana Price Surge: Could It Reach $500 or Even $1000 in the Coming Months

RSI and MACD Indicate Bullish Potential

Dogecoin’s RSI is 51.47, which exceeds the neutral position of 50. The RSI has been fluctuating between 50 and 55 in the last few days, which indicates a balanced market. When the RSI moves above 60, it is possible that it is in a bullish trend, a dip below 40 can indicate a more bearish influence.

Source: TradingView

MACD indicates a bullish divergence in DOGE. The MACD line stands at 0.00456 and above the signal line at 0.00429. The histogram approaches bullishness, showing an increasing bullish pressure. This implies that cryptocurrency is nearing a bullish crossover. This trend means that the token might rise in value in the future.

Open Interest Declines, Market Sentiment for DOGE Stays Positive

According to CoinGlass data, the volume of the token has fallen by 38.39% to the current level of $7.30 billion. The open interest declined by 1.56% to reach the value of $3.28 billion. Nevertheless, the OI-weighted funding rate is 0.0032%. This suggests that there is still a slight positive market sentiment.

Source: CoinGlass

Although the token is experiencing negative growth in the short term, the technical indicators are showing that the currency is likely to recover. Analysts anticipate that the coin will stagnate and likely have a breakout soon. Cryptocurrency is a valuable asset to monitor in the event of potential profits.

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