By Nathan Ferguson
Dogecoin (DOGE) has struggled below its close resistance zone within the past three days. Analysts noted the original meme coin consolidation on the charts.
Dogecoin barely made price movements within the previous 24 hours. Altcoins appeared to gain momentum as Bitcoin briefly climbed past the $40K level. DOGE’s current price actions invalidated the recent rally.
If the coin breaks beyond the $0.151 level, it can kick-start another upside move, offering respite to DOGE enthusiasts. Currently, the crypto has had its price actions inside the $0.130 – $0.150 value region.
DOGE Price Analysis: 1-Week Chart
Dogecoin lost approximately 90% from the ATH of $0.737 to lifetime lows of $0.109 in 2022. Despite the pessimism, the meme coin displays bullish sentiments on the charts. Dogecoin price correction led to a falling wedge setup.
Analysts consider the mentioned pattern a bullish formation, which emerges after bearish price trends. Cryptos consolidate before breaking out of the topside trend line during a plunging wedge. DOGE has its price at the upper trend-lines absolute end, which might mean the crypto would finally display recovery signs. The close resistance for Dogecoin stands at $0.150, then $0.190.
During falling wedges, bears dominate the market temporarily as buyers lose momentum amid brief price increases. Consolidation comes next, and DOGE is at this phase. Dogecoin enthusiasts can expect upside rallies after the mentioned phase.
DOGE Near Term Technical Analysis
Dogecoin’s near-term technical indicates lateral price action that matches the falling wedge setup. Sellers were more than buyers in the marketplace. The reason DOGE remained parked under the 20 Simple Moving Average line. That showed sellers in control of the price momentum.
The RSI shows the alt saw an upswing, suggesting that buyers attempted to re-join the marketplace. For now, buying pressure remained weak because of the consolidation phase. However, the uptick could trigger buying strength resurgence. That would see DOGE targeting to overcome its closest resistance levels.
Other Bullish Metric for DOGE
MVRV is the ratio of a token’s market cap to its realized cap. The indicator calculated the average loss/profit of investors that bought the crypto within a given timeframe. A value within -10% and -15% means near-term holders experience losses. Meanwhile, long-term investors accumulate when the metric touch this area.
Dogecoin’s MVRV stood at -37, a level of price reversals. This reading reflects the overall short-term and long-term technical picture for DOGE. Nevertheless, the entire narrative could witness invalidation if the overall market extends weakness.