Dogecoin continues to face challenges in the market, hovering around $0.206. This article discusses the current issues, risks, and possible scenarios for future price movement.
Current Situation of Dogecoin
Currently, Dogecoin is trading slightly above $0.20; however, the coin struggles to break through the resistance level of $0.217-$0.220. This is due to its retreat from the $0.26 resistance last week and its ongoing consolidation phase. Failure to improve trading volume could lead to further price drops.
Market Risks and Negative Sentiment
The market sentiment towards Dogecoin leans negative. Signs of indecision are visible on the 30-minute chart as the price faces the Volume Weighted Average Price (VWAP) strip between $0.205 and $0.207. The Relative Strength Index (RSI) indicates declining momentum, while the Supertrend points to high resistance near $0.2468.
Price Movement Prospects for Dogecoin
Recent data shows a negative outflow of $1.37 million, adding a slight bearish bias to the situation. Although the On-Balance Volume (OBV) remains at $64.5 billion, no significant increase in buying volume is observed. In the coming days, Dogecoin is likely to trade in a tight range between $0.203 and $0.213. A breakout above $0.213 could lead to higher targets, while a drop back to $0.195 may be imminent.
In the face of market uncertainty, Dogecoin's price remains under pressure. The coin's future depends on trading volume and price action, potentially determining whether it rebounds or continues to fall.
