Introduction
As Bitcoin leads the market recovery, can Dogecoin find a serious place again? The answer is not simple. DOGE lost many retail buyers recently due to doubts about its fundamentals. Could this be a turning point for the popular memecoin?
DOGE Shows Signs of Recovery
Memecoins, including DOGE, have faced big losses over the past month. Most dropped well below key price levels. Even the largest memecoin, struggled. However, recent market trends show a hint of recovery. In the last 24 hours, DOGE gained more than 15%, bringing some relief to investors. Yet, this small rise is just the start of what could be a long climb for the token to recover fully.
What Could Push DOGE Higher?
The coin’s daily chart shows signs of investors selling as it approaches $0.50. This level has not been reached in three years. For many, selling during past highs seemed like the safe choice. Now, the Relative Strength Index (RSI) sits around 36, hinting at a possible rebound. A low RSI often signals overselling, creating opportunities for investors to buy at a lower price. Still, caution is important. DOGE’s history shows that RSI dips sometimes lead to short-term gains, but its high price swings make traders careful. In the past, It only saw big momentum when Bitcoin reached new highs.
Source: Trading View Retail Buyers Slow Down, Whales Take Over
DOGE faces challenges from changes in who controls its market. Retail buyers, who once drove its rise, are now stepping back. Meanwhile, whales—large investors—hold more control. Whale activity has created short-term price jumps, like the one seen recently. However, this might not reflect real investor confidence. Instead, whales could be taking advantage of the current dip. With fewer retail buyers, attention is shifting back to Its weak fundamentals. Without fresh capital, It may struggle to break the $0.50 mark.
Is DOGE Still a Risky Bet?
For It to pass $0.48–$0.50, a few things must align. First, Bitcoin needs to stay strong. Second, retail buyers need to return. Third, whales must reduce their market control. Without these factors, It may fall short of expectations. While short-term gains are possible, memecoins like DOGE come with risks that investors should not ignore.
VR Soldiers’ Thoughts
Based on the indicators, DOGE’s performance appears to be in a neutral zone, with oscillators suggesting balanced market sentiment and moving averages leaning towards a sell signal. As the VR Soldiers, we view this as a cautious moment. While minor gains may be possible, the indicators point to ongoing market challenges and potential downward pressure. Investors should remain vigilant, monitor key metrics, and avoid hasty decisions. Remember, this is not financial advice—always conduct thorough research before making investment choices.
Source: Trading View Technicals Conclusion
Dogecoin’s 15% rise is a step forward, but reaching $0.50 will take more than momentum. It needs strong Bitcoin support, returning retail investors, and fewer whales controlling the market. For now, It remains a high-risk choice for those willing to navigate its ups and downs.
The post DOGE Rises But It’s Not Enough first appeared on The VR Soldier.
