Dogecoin, which has recently captured investor interest with its sharp rise, is now facing pressure at the $0.227 support level.
Growth of DOGE and Current State
According to BitGuru, Dogecoin's price surged over 63%, peaking at $0.28667 from an initial value of $0.17587. However, the price is now testing a key support zone at $0.227. A drop below this level may expose DOGE to further declines, with $0.18 as the next support area. As of the time of writing, the token was worth $0.225195, down 5.85% in the past 24 hours.
Mixed Signals from Technical Indicators
On the 4-hour chart, a hidden bullish divergence has appeared. DOGE formed a lower low while the Relative Strength Index (RSI) recorded a lower high. Analyst Trader Tardigrade notes that this pattern can sometimes lead to price recovery, but confirmations are still pending. RSI levels remain neutral, and market watchers await price action confirmation before predicting a strong rebound.
Long-term Holders Steady Positions
DOGE is currently under pressure at the $0.227 level, and if this support fails, analysts predict a possible decline towards $0.198 or lower. Resistance is currently seen around $0.245, which must be reclaimed for bullish momentum to return. Nonetheless, a notable increase in the realized profit/loss ratio suggests that active traders are locking in profits. However, long-term holders are not exiting their positions, which has helped stabilize DOGE amid the current volatility.
The situation with Dogecoin remains uncertain: price is testing crucial support levels, while long-term holders continue to maintain their positions. Further movements will depend on market behavior in the short term.
