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Dogecoin (DOGE) has recently been struggling to continue its price momentum, as it traded close to $0.13. Although whale accumulation increased in the last 24 hours, the market conditions have not been favorable for a strong recovery. The meme coin is currently facing low momentum and bearish trends, as it was unable to overcome key resistances.
Dogecoin whales have increased their DOGE holdings significantly, purchasing 138 million coins in the last 24 hours. These massive purchases are normally considered a sign of market interest, possibly setting the stage for a price rise.
However, despite the optimism, the current pricing structure indicates that Dogecoin is still in the consolidation phase as it is testing the $0.13 support level.
Moreover, lack of momentum of the bulls as evidenced by MACD and RSI charts, suggests that the digital currency might have a hard time going beyond the resistance level in the near future. Specialists point out that a breakout above $0.14 is necessary for DOGE to attain the $0.15 target.
Dogecoin and the overall cryptocurrency market are showing signs of recovery, as key players such as Bitcoin (BTC) and Ethereum (ETH) signal stabilization.
Bitcoin is targeting to cross $90,000, while Ethereum is at a crucial point just below $3,000. The latest 5% fall in Dogecoin’s price, triggered by the Fed’s rate cut, is an indication of how macroeconomic components influence cryptocurrencies. As market participants respond to the Fed’s rate cut decisions, Dogecoin and other altcoins experience pressure from the selling side.
The $0.14 to $0.15 area is now a major resistance level, and further weakness may be seen if large volumes continue with falling prices.
In the short term, Dogecoin is likely to face pressure unless it succeeds in regaining the resistance zone at $0.14-$0.15. Further losses may cause DOGE to test support levels, especially around $0.1290.
If large selling volume remains elevated, DOGE could remain under pressure. However, a decline when prices are near the support levels could be an indication that the selling pressure is weakening.
Also Read: Dogecoin News Today: DOGE Stalls Near $0.14 as Bears Hold Key Resistance
