Dogecoin (DOGE) is showing early technical signs of a potential recovery after a significant decline, according to analysis. The cryptocurrency gained over 8% in 24 hours, trading at $0.1037. Analysts note, however, that the overall trend remains bearish and a confirmed breakout above key resistance is still needed for a sustained move.
Dogecoin is displaying early indications of a possible price reversal after a strong bearish period. “Dogecoin is now technically showing early signs of recovery. However, a breakout confirmation is still needed,” stated crypto analyst World Of Charts.
Investors are advised to monitor the price action near the trendline resistance in both DOGE/BTC and DOGE/USDT pairs. A clear breakout could potentially lead to a significant upward move.
At the time of writing, Dogecoin is trading at $0.1037 with a 24-hour trading volume of $1.83 billion. Data sourced from CoinMarketCap shows the token’s market capitalization stands at $17.32 billion.
Key technical indicators suggest the broader trend remains negative. The Relative Strength Index (RSI) is at 35.19, and the price trades below all major Simple Moving Averages (SMAs).
The Moving Average Convergence Divergence (MACD) indicator also reflects weakness. The MACD line is below the signal line, with a negative histogram, indicating persistent selling pressure.
This suggests upward momentum is currently limited despite recent gains. The price may face further pressure if the technical indicators fail to turn positive.
