The Dogecoin price plummeted 20% in the last 2 weeks and 2% in the last 24 hours to trade at $0.3190 as of 02:21 a.m. EST on trading volume that surged 43% to $2.2 billion.
Dogecoin Price Aims For A Breakout
The Dogecoin price has been trading within a defined range in the past few weeks after a sharp decline in mid-December. DOGE is priced at $0.319, showing consolidation after failing to break above key resistance levels.
The sharp downtrend from the recent peak (near $0.40) appears to have reversed into a sideways movement as the price forms a clear rectangle pattern, indicating indecision in the market.
This range-bound behavior is characterized by support around $0.30 and resistance at $0.33-$0.34, according to GeckoTerminal data.
DOGE price recently retested the 50-day Simple Moving Average (SMA), which has acted as dynamic resistance. The 200-day SMA, at $0.384, remains significantly above the current price, highlighting a bearish bias in the medium term.
The Relative Strength Index (RSI) stands at 48.75, which is neutral but leaning slightly bearish. It indicates that neither buyers nor sellers have significant dominance in the market.
The lack of movement above the 50-level confirms the ongoing consolidation phase, with no imminent signs of overbought or oversold conditions.
Meanwhile, the blue Moving Average Convergence Divergence (MACD) has crossed above the orange signal line, which is an indication that the Dogecoin price may be gearing up towards a bullish move.
DOGE/USD Chart Analysis Source: GeckoTerminal
DOGE Price Prediction
Based on the technical analysis, Dogecoin’s immediate price action suggests continued range-bound trading between $0.30 (support) and $0.33-$0.34 (resistance).
A breakout above the 50-day SMA could see DOGE testing higher resistance near $0.36-$0.38, aligning with the 200-day SMA.
If the Dogecoin price breaks above $0.34 with significant volume, it could rally toward $0.40, reclaiming bullish momentum.
Conversely, a breakdown below $0.30 could result in a slide to $0.25 or lower, confirming further downside risk.
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Wall Street Pepe (WEPE) has skyrocketed to fame as one of the fastest-selling tokens in history, surpassing $38 million in presale funding in just a few weeks.
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Priced at $0.000366, WEPE also offers an enticing 36% annual staking yield.
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