The Dogecoin (DOGE) price has once again attracted the attention of investors with its recent recovery movement, increasing by 13% in the last 7 days, bringing its market value to $47.15 billion. In technical analysis, the 50-SMA and $0.30 levels stand out as important support points, while the RSI indicator indicates an increase in buyer power. For the continuation of the uptrend, the 50-SMA resistance must be overcome and the price must reach $0.3913.
The recent recovery in the cryptocurrency market has put Dogecoin (DOGE) back on investors’ radar. While the total market value of the meme coin category increased from $94 billion to $97.38 billion in a short time, Dogecoin increased its market value by 13% in the last 7 days to $47.15 billion. This momentum increases expectations for a year-end rally, while critical levels for DOGE are becoming clear.
On the 4-hour chart, Dogecoin’s price action is showing a gradual recovery following bearish trends. Previous attempts to break above the $0.4842 level failed and the price remained below the resistance of a trendline for an extended period. This led to several bearish waves, suppressing the price action.
Among technical indicators, moving averages stand out. A "death cross" was formed between the 50- and 200-period SMA (Simple Moving Average), which reinforced the downtrend. Currently, the 50-SMA acts as a strong dynamic resistance, and the price's breakout of this level is considered a critical threshold for the continuation of the uptrend.
When examining the Fibonacci levels, Dogecoin is currently consolidating between the 23.60% and 38.20% Fibonacci levels. The $0.30 level stands out as a significant support point. A drop below this level could trigger strong selling pressure. On the other hand, the Relative Strength Index (RSI) indicator is showing a positive trend among the recent lows, indicating increased buyer power. These indicators reveal that Dogecoin is moving in a delicate balance around critical levels and that its upside potential depends on the overcoming of certain resistances.
Critical support and resistance levels for Dogecoin
Resistance levels: The first major resistance level is the 50-SMA line. A break above this level could help the price reach the $0.3913 level (61.80% Fibonacci). This level also overlaps with the 200-SMA, forming a strong resistance point.
Support levels: In case of a downward move, the $0.30 level stands out as the critical support. If the price breaks below this level, a pullback to the $0.2664 level is possible.