Recent Price Action Shows Signs of Recovery

In the last 100 minutes of trading, DOGE has demonstrated a notable recovery pattern, climbing from a local bottom of $0.156 to stabilize around $0.158.

Recent Price Action Shows Signs of RecoveryIn the last 100 minutes of trading, DOGE has demonstrated a notable recovery pattern, climbing from a local bottom of $0.156 to stabilize around $0.158.

The price action shows an apparent V-shaped recovery with significant volume spikes (16-21 million) during the bottoming process around 14:50-14:52, indicating strong buyer interest at support levels.

The $0.158-$0.159 zone has emerged as immediate potential resistance, with multiple tests showing decreasing selling pressure. This recovery aligns with the 38.2% Fibonacci retracement level from the recent decline, suggesting potential continuation toward the 50% retracement at $0.160 if current momentum persists.

Dogecoin Technical Indicators

Relative Strength Index (RSI): The RSI is currently at 44, indicating that price momentum is recovering from oversold territory, with room for further upside.

Moving Average Convergence Divergence (MACD): The MACD is showing a potential bullish crossover of the 12-EMA over the 26-EMA, which could be a technical signal for continuation of the uptrend.

Volume Flow: The high volume spikes at the bottom and the decreasing volume at resistance indicate an improvement in buying strength and suggest a potential breakthrough of the resistance band.

Immediate Resistance: The $0.158-$0.159 zone is showing decreasing selling pressure with multiple tests, indicating a potential breakthrough if buying volume persists.

Immediate Support: The $0.156 zone, where strong buying interest was observed, will be a key level to watch for continuation of the recovery.

Fibonacci Retracement Levels: The recent decline is being retraced, with the 38.2% Fibonacci level reached and the 50% level at $0.160 presenting the next target if the recovery persists.

This analysis is based on the last 100 minutes of trading activity and technical indicators. As the market is dynamic and constantly changing, it's crucial to stay updated with the latest market developments and adjust trading decisions accordingly.

Disclaimer: This article was generated with AI tools and reviewed by our editorial team to ensure accuracy and adherence to our standards. For more information, see CoinDesk’s full AI Policy.

This article may include information from external sources, which is credited in the copy of the article. External sources may include, but are not limited to, other articles, publications, statements, websites, reports, court filings, regulatory filings, and databases. Such third-party content is provided “as is,” and CoinDesk makes no warranty of any kind with respect to such content, and expressly disclaims any implied warranties of merchantability, fitness for a particular purpose, title, and non-infringement. Third-party content may contain the personal opinions and views of the authors and may not reflect the views of CoinDesk. Moreover, CoinDesk does not vouch for or warrant the accuracy, completeness, timeliness or reliability of such third-party content. Readers are encouraged to conduct their own research and due diligence with respect to such third-party content.