The price of Dogecoin has fallen more than 4% in the past 24 hours as investors sold their holdings of the dog-themed cryptocurrency. Following the recent pullback, the cryptocurrency is still performing well on a weekly and monthly basis. DOGE is up more than 4% this week and more than 7% in the past month.

Dogecoin Price Tests Key Support Level

The Dogecoin price has fallen below the critical support level of $0.1376 in the past few days and is currently testing the next key level of $0.1290. A break below this key level could put Dogecoin at risk of falling to $0.1165 in the short term.

However, if the Dogecoin price sustains above $0.1376 for the next 12 hours, it might invalidate the bearish thesis. In such a case, Dogecoin might try to recapture the $0.1376 support level.

A 4-hour candle close above this threshold over the next 48 hours could provide DOGE with the foundation it needs to rise towards the next major resistance level at $0.1451.

Dogecoin Price Shows Technical Weakness

Technical indicators on DOGE’s 4-hour chart warn that the altcoin’s price could continue to fall over the next 24 hours. More specifically, both the Moving Average Convergence Divergence (MACD) and Relative Strength Index (RSI) indicators are showing bearish signs.

Over the past 24 hours, the MACD line has fallen below the MACD signal line. Traders often view this as a sign that the cryptocurrency is entering a short-term negative trend. Additionally, the growing gap between the two technical indicators could indicate that DOGE’s bearish momentum is intensifying.

Meanwhile, the RSI reading has also been declining over the past trading days. During this period, the indicator has fallen from 61 to below 50. Typically, when traders and analysts examine the RSI, 50 is considered a technical benchmark. RSI readings below this point are considered bearish, while values ​​above 50 are considered bullish.

PEPE Price Prediction

Pepe prices have surged 12% in the past month and are up nearly 4% in the past 24 hours, trading at $0.00001217.

Trading volume increased by 66%, indicating growing interest among PEPE holders, which may be attributed to the recent launch of a spot Ethereum ETF (exchange-traded fund).

Ethereum-based tokens are also receiving capital and attention as institutional investors join retail investors in seeking exposure to Ether. As one of the most popular projects on the Ethereum blockchain, Pepe stands to profit as investors diversify their portfolios with lower-market-cap projects.

The sector accounted for 14.3% of the market share, followed by RWA and AI narratives at 11.30% and 10.09%, respectively.

Pepe prices are in a bullish trend, hitting new highs on the daily timeframe. However, upside potential appears limited considering the range-bound relative strength index (RSI).

As shown in the daily chart below, this momentum indicator is fluctuating horizontally, limiting the ability of Pepe price to break above the $0.00001249 resistance level.

Nonetheless, the RSI’s position above its 50-EMA is encouraging, suggesting that bulls have the upper hand. Moreover, the Moving Average Convergence Divergence (MACD) is above its signal line, suggesting that buyers are stronger than sellers.

Likewise, the MACD is in the positive territory and its histogram is still flashing green. This suggests that bullish sentiment is high in the PEPE market. However, traders who are looking to initiate new long positions in the frog-themed token should consider waiting for a candlestick to close above the $0.00001249 resistance level.

However, for skeptics, a breakout above $0.00001362 would be a good entry point, marking a breakout from the golden Fibonacci zone characterized by huge volatility.

On the other hand, if the sellers succeed, the price of Pepe could fall. A break below $0.00001136 would trigger panic selling that could lead the Ethereum-based token down to $0.00000975. However, to invalidate the overall bullish outlook, the Pepe price would have to drop below $0.00000771 within a day.