Bitget App
Trade smarter
Open
HomepageSign up
Bitget>
News>
Dogecoin Price Dips, But Analysts See Potential for a Rebound

Dogecoin Price Dips, But Analysts See Potential for a Rebound

Coinedition2024/07/24 08:13
By: Coin Edition
DOGE+1.99%
  • Dogecoin shows a potential rally but the recent price trend indicates cautious optimism.
  • MACD’s bullish trend suggests possible upward movement, yet warns of trend reversal.
  • RSI at 57.83 indicates neutral market sentiment, suggesting consolidation may lead to a stronger rally.

Dogecoin (DOGE) signals a possible rally after recently retesting a key support level . On the Bitstamp exchange, the cryptocurrency has fluctuated in price over the past several months and currently sits at $0.13284 , marking a 3.56% drop in the last 24 hours.

Price trends highlight Dogecoin’s attempt to break through the $0.15 resistance level, followed by a pullback. Trading volume during these movements spiked considerably, indicating active trading.

The MACD indicator currently signals a bullish trend, with the blue MACD line above the orange signal line. However, the narrowing gap between these lines suggests traders should watch for a possible trend reversal.

Dogecoin Price Dips, But Analysts See Potential for a Rebound image 0 Dogecoin Price Dips, But Analysts See Potential for a Rebound image 1

Source: TradingView

The RSI currently stands at 57.83, indicating Dogecoin is neither overbought nor oversold, pointing to neutral market sentiment. Together, these factors suggest cautious optimism for Dogecoin, with the possibility of a surge if positive signals hold. However, keeping an eye out for indications of a trend reversal is essential.

Crypto analyst Altcoin Sherpa echoed this analysis, noting the accuracy of Fibonacci retracement levels in identifying Dogecoin’s bottoms and pullbacks. Sherpa believes Dogecoin may pull back and consolidate before making a stronger upward move. He suggests a period of consolidation could pave the way for a more robust rally.

According to CoinMarketCap data, Dogecoin’s 24-hour trading volume reached $1.2 billion. Despite a 5.26% drop in the last day, Dogecoin maintains its 8th position on CoinMarketCap, boasting a market cap of $19.2 billion and a circulating supply of 145.2 billion DOGE coins.

Disclaimer: The information presented in this article is for informational and educational purposes only. The article does not constitute financial advice or advice of any kind. Coin Edition is not responsible for any losses incurred as a result of the utilization of content, products, or services mentioned. Readers are advised to exercise caution before taking any action related to the company.

Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
PoolX: Earn new token airdrops
Lock your assets and earn 10%+ APR
Lock now!

You may also like

New spot margin trading pair — YB/USDT!
Bitget Announcement2025/10/16 08:00
YBUSDT now launched for futures trading and trading bots
Bitget Announcement2025/10/15 11:07

Trending news

More
1
New spot margin trading pair — YB/USDT!
2
Exclusive Mystery Boxes for BGB holders group–Win random token incentives!

Crypto prices

More
Bitcoin
Bitcoin
BTC
$111,823.7
-0.21%
Ethereum
Ethereum
ETH
$4,067.32
-0.87%
Tether USDt
Tether USDt
USDT
$1
-0.06%
BNB
BNB
BNB
$1,183.41
-0.40%
XRP
XRP
XRP
$2.46
-1.42%
Solana
Solana
SOL
$197.34
-2.74%
USDC
USDC
USDC
$0.9998
-0.05%
TRON
TRON
TRX
$0.3234
+1.52%
Dogecoin
Dogecoin
DOGE
$0.2011
-0.72%
Cardano
Cardano
ADA
$0.6823
-1.53%
How to sell PI
Bitget lists PI – Buy or sell PI quickly on Bitget!
Trade now
Become a trader now?A welcome pack worth 6200 USDT for new users!
Sign up now
Trade smarter