Dogecoin (DOGE) Tests $0.115 Support: Can Bulls Launch a Strong Rebound?
- Dogecoin is currently trading at $0.1605, holding the crucial support at $0.115, in a mild bearish consolidation.
- Charts and indicators show warning momentum; however, a possible bounce by bulls could push prices back above key moving averages, and the RSI is turning upwards.
- Analysts on social platforms predict a potential new ATH for Dogecoin, supported by consolidation strength and rising sentiment.
The crypto market continues to tread lightly, with most of the large-cap assets not straying much from their usual price range. Dogecoin remains one of the closely-watched meme coins, particularly as it is testing its critical support. Shifts in dominance and swinging sentiment across the major assets have been filtering down to spur short-term volatility. At press time, DOGE is currently trading at $0.1605, 0.63% over the past 24hours.
Charts Show A Weakening Momentum
According to the data curated from TradingView, DOGE is trading around $0.117, slightly above the major support at $0.115. Both the 50-day and 200-day MAs continue to be above the price, which suggests a short-term downtrend. Volume has been consistently declining as well, signalling consolidation and a reduction of volatility.
Also Read: Grayscale’s Dogecoin ETF Expected to Launch by November 24, Says Analyst
RSI Indicator Signals Weak Momentum
The chart from TradingView shows RSI near the 40 – 45 range, suggesting a weak bearish momentum without being oversold. A drop below 30 may lead to a relief bounce, and above 50 would suggest momentum is recovering.
Analysts See Potential for a New ATH
According to the recent update on X, by the user named dogegod, states Dogecoin could effortlessly blindside us into a new ATH (all-time high), mentioning that DOGE has been merely taking support from its consolidation zone.
” Dogecoin can easily pump to new ATH. Taking support from consolidation.”
Given that, bullish sentiment seems to be increasing in the wider Dogecoin community, implying that traders expect bullish momentum to follow if support continues. While this is optimistic, continue to keep in mind it is sentiment-driven and shouldn’t be confused with certainty or a knowable outcome.
In conclusion, DOGE’s ability to stay above $0.115 is crucial. If DOGE breaks down, we could see prices move to $0.110. If there is a bounce to the upside, DOGE could move toward $0.135 – $0.145. Although the indicators are weak, the potential area for support remains strong.
If buyers start showing up, DOGE could recover momentum; however, any “triggers” will remain questionable. Although uncertainty lingers in the market, DOGE typically rebounds strongly after any prolonged consolidation.
Also Read: Dogecoin (DOGE) Setup Signals Major Upside Move With Clear Path To $0.50
