Popular memecoin $DOGE , which tested at $0.15 a few days ago, has attracted the attention of investors. During these movements, trading volumes in Dogecoin increased significantly and deadlines became more flexible. The MACD indicator (which shows the difference between short-term and long-term price strength) is currently pointing to resistance. However, the narrowing structure between these lines suggests a possible trend reversal.

Analyst Sees a Bright Future for Dogecoin

The RSI is currently at 57.83, showing a neutral market towards DOGE, neither overbought nor oversold. As these factors come together, it appears that Dogecoin buy-side transactions may increase.

It should be noted that other metrics are not returned during this process

Cryptocurrency analyst Altcoin Sherpa shared his analysis on the use of the Fibonacci indicator in identifying important charts for Dogecoin. Sherpa believes that Dogecoin can recover and consolidate ahead of a stronger upward move. It has been suggested that a period of consolidation could pave the way for a firmer resurgence.

Additionally, if Elon Musk, who has been silent for a long time, shares a post about Dogecoin, you could pave the way for major price increases. The social media posts of businessmen supporting DOGE have long been closely monitored.

According to the CoinMarketCap system, Dogecoin's 24-hour trading volume reached 1.2 billion. Despite the recent drop of 5.26%, Dogecoin is still ranked 8th on CoinMarketCap and is traded in a market worth $19.2 billion.