DOGE has recently shown bearish pressure, with the price retreating from a high of around $0.19 since mid-June and currently consolidating in the range of $0.13 to $0.25.
Dogecoin has successfully broken through the descending trendline on the 1-hour chart. This trendline had previously rejected price increases. The breakout occurred around $0.1510 and was confirmed by a strong bullish candlestick, indicating increased buyer interest.
Although resistance levels are still around $0.1560 and $0.1600, the technical structure has improved. If Dogecoin can hold above the breakout trendline, this breakout may signal a shift in short-term direction. Traders are closely watching for a retest or consolidation near the trendline to validate this potential shift.
Indicators show oversold conditions.
Key indicators are currently signaling oversold conditions. The Relative Strength Index (RSI) is at 27.88, well below the threshold of 30. Historically, such low RSI levels often indicate a short-term price rebound.
Additionally, the MACD indicator is showing a bearish crossover, with both the MACD and signal line below the zero axis, reinforcing the current weakness in the market. However, any momentum recovery or positive crossover could signal an early sign of recovery.
The $0.16 level for Dogecoin is a key support, having been tested multiple times without a significant breakdown, and the RSI (Relative Strength Index) shows oversold signals that may indicate a rebound. The daily chart shows that DOGE has recently formed a potential double bottom pattern, and if the bottom completes (expected to take about 3 days), it could lead to a significant rally.
The predicted trading price for Dogecoin at the end of the year may range between $0.159 and $0.176. If this expectation holds, current buyers could see potential returns of up to 15%. Currently, all eyes are on whether Dogecoin can hold above $0.16 and continue to break through in the coming days.