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Dogecoin (DOGE), the dog-themed meme coin, is signaling a rebound on the cryptocurrency market. Per CoinMarketCap data, the Bollinger Bands technical indicator of DOGE is tightening as market sentiment shifts.
DOGE’s technical signals hint at recovery
Notably, the tightening of the Bollinger Bands indicator is a sign of reduced bearish volatility for Dogecoin. This implies that the meme coin could soon overcome its downward trend and begin its recovery journey.
Gamza KhanzadaevAs of press time, the DOGE price was changing hands at $0.1395, representing a 14.56% decline in the last 24 hours. DOGE plunged to a low of $0.1316 before the tightening of the Bollinger Bands, suggesting that the effect is beginning to manifest on the crypto market.
Interestingly, Dogecoin investors have intensified engagement with the meme coin as trading volume soared by 358.25% to $2.67 billion.
This renewed interest from investors also contributes to the rebound move that DOGE is witnessing after seven days of bearish fluctuations. In the last seven days, Dogecoin’s price plunged by 14.99% amid market uncertainty.
The meme coin recorded a sharp nosedive after breaching the crucial support level of $0.15, triggering panic among some market participants. The caution exercised by investors has faded following the mild market rebound.
Market sentiment look set to support a bullish rebound toward $0.17 as buyers regain confidence and control of the market.
Dogecoin's bullish outlook amid market realignment
Comments from Billy Markus, Dogecoin cofounder, might also have triggered investors' renewed interest. Notably, Markus highlighted the cyclical nature of bulls and bears and hinted at the need to persevere even in bearish times.
Godfrey BenjaminAs U.Today reported, DOGE lost the critical level of $0.20, leading many buyers to distance themselves from the coin. However, as noted, DOGE was not overbought at the time, a move that implies the digital currency is on track for a rebound.
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