Dogecoin (DOGE) has shown resilience in recent times, rallying off its lows and piquing investor interest. Although the bears ultimately regained control of the market, the market capitalisation still fell by 3.30%. As of press time, DOGE was trading at $0.08176. Since DOGE initially managed to break through the resistance at the day's high, at $ 0.08571, this could be a potential buying opportunity for investors.

An examination of the indicators reveals a predominantly bearish sentiment. The Average Directional Index (ADX) value of 20.98 suggests that the market is relatively unmoved and is therefore a good opportunity for traders looking to start long positions on DOGE. On the other hand, the Balance of Power (BOP) rating of 0.29 and the upward movement implies that bearish pressure is easing and Bull may soon regain control of the market.

The Relative Strength Index (RSI) also shows a bearish picture. With a value of 36.63, the RSI is sliding below its signal line and indicates that DOGE has been oversold, possibly allowing for a short-term rally. However, this might be reversed if the RSI continues to fall below its signal line, implying further negative potential in the near-term.

In conclusion, this may be a favourable moment to purchase DOGE, with a bullish return expected through a continued rise in market capitalisation and increasing trading activity. However, caution is advised as the market sentiment is currently weak, and the RSI has slipped below the “0” line, indicating further bearishness in the near -future.



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