After a persistent price decline over three consecutive months, losing 57% of its value, popular memecoin Dogecoin has returned to its base level of $0.13. At press time, Dogecoin posted a positive gain of over 1.65% in the past 24 hours, trading at the $0.134 level. Beyond price action, trading volume has also climbed 85% to $885 million, suggesting heightened participation from traders and investors. This rising trading volume alongside the price suggests that market participants are interested in the current upward price momentum, which appears bullish for DOGE holders.
According to AMBCrypto’s technical analysis, on the weekly chart, DOGE’s price is currently at a key support level of $0.13, which it has been holding since October 2024. Meanwhile, the price also appears to be forming a reversal-type candle, similar to past instances. If DOGE holds above the $0.13 level, there is a strong possibility of a price reversal. On the other hand, if the momentum fails to hold and a daily or weekly candle closes below $0.13, DOGE could continue its downtrend and may reach the next support at the $0.096 level in the coming days.
With the current trend, DOGE’s technical trend-strength indicator, the Average Directional Index (ADX), has reached 26.28, above the key threshold of 25, indicating strong directional momentum in the meme coin. Looking at the current market sentiment, data from the derivatives platform CoinGlass revealed that intraday traders were strongly favoring the bullish side. At press time, the major liquidation levels for DOGE stood at $0.1273 on the downside and $0.1345 on the upside. At these levels, traders have built $16.11 million in long leveraged positions and $7.23 million in short leveraged positions, highlighting a bullish trader bias and indicating strong bullish dominance in the meme coin.
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