Dogecoin (DOGE) has recently shown early signs of a potential price reversal in its technical indicators, rising 3.22% in the past 24 hours to a current price of $0.201577, with a trading volume of $1.24 billion during the same period, indicating high market activity. Technical analysis from multiple traders shows that its short-term price may fluctuate, with recent bullish patterns and key support levels attracting attention.
First, looking at the daily chart, there is a bullish engulfing pattern.
A larger bearish candlestick followed by a smaller bullish candlestick. This may indicate that the downtrend is about to pause.
However, the cryptocurrency market trades continuously, and the common gaps between candlesticks are not significant; this pattern may also reflect increased market uncertainty. If buying pressure increases, the price may indeed reverse. Of course, while this pattern typically appears near trend bottoms, whether it can reverse still requires confirmation from subsequent price movements.
The key support level for DOGE remains around $0.195.
Dogecoin is currently hovering near the key support level of $0.19538, and this area has shown strength over the past few trading days. If the price can maintain above this level, traders may consider going long, targeting $0.27144; at the same time, it is recommended to set a clear stop-loss area below the support level to better manage risk.
This position is crucial: breaking below may trigger new selling pressure, while holding it could attract more buyers, leading to a more stable price in the short term.
Looking at the 4-hour chart, indicators show signs of momentum shifting.
The price of Dogecoin is slightly above the middle line of the Bollinger Bands, showing a temporary balance between buyers and sellers; the Relative Strength Index (RSI) has risen from the oversold range to 42.53, indicating that the bearish momentum may be weakening. However, it is important to note that this does not mean an upward trend has formed; further upward movement requires stronger resistance support.
The current price of Dogecoin is approximately $0.201, and the market is focused on whether it can hold above the support level. Traders are advised to closely monitor price changes around $0.195; if it breaks below, the market outlook could change rapidly.
