Dogecoin (DOGE) is experiencing consolidation after recent volatility, with a slight 0.5% increase in the past day, trading around $0.1218. The cryptocurrency has tested a range between $0.1206 and $0.1233, showing a consolidating trend after notable fluctuations. Despite this, Dogecoin remains down 4% over the past week and 11.9% over the last two weeks, indicating ongoing short-term selling pressure. The price is holding above key support levels around $0.12, but a sustained upward move would require breaking through resistance levels.
The Supertrend indicator on Dogecoin’s daily chart signals a bearish trend, with resistance around $0.1416 and support near $0.117. The Relative Strength Index (RSI) at 38.47 suggests weak momentum, nearing oversold conditions, which could lead to a short-term bounce. Analysts suggest that if Dogecoin breaks out of its current consolidation range, it could target resistance levels between $0.15 and $0.16.
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