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The crypto market is under selling pressure in the early Thursday session, with several digital assets trading in the red. Major cryptocurrencies fell as much as 5% as traders took profits after a steady rise earlier this week, with Dogecoin (DOGE) losing about 6% in the last 24 hours.
The market's mixed signals and frequent tone shifts are confusing traders, who are still seeking further cues on positioning.
At press time, DOGE was down 5.42% in the last 24 hours to $0.172, mirroring the drop on the crypto market.
Gamza KhanzadaevFollowing two consecutive days of rising earlier in the week, Dogecoin surpassed the daily SMA 50, which had capped its price since December 2024, to reach highs of $0.1855 in Wednesday's trading session.
After briefly hitting that key resistance point, DOGE has since slipped, hitting intraday lows of $0.169 in the early Thursday trading session.
The failed breakout at $0.185 suggests that sellers are defending it strongly. This level has now become an immediate barrier for the Dogecoin price, and a break above it might suggest renewed bullish momentum.
What's next for Dogecoin?
The market is closely watching DOGE’s ability to hold above immediate support levels; in this case, it will be watched if Dogecoin could flip the daily SMA 50 barrier again into support. If the price consolidates above the daily SMA 50 at $0.168 and generates sufficient buying pressure, another attempt to breach $0.185 may be on the horizon.
Tomiwabold OlajideHowever, failing to hold present levels may result in more of a decline, possibly returning to the $0.13 support zone.
The RSI slightly above the 50 midpoint suggests a slight advantage for the bulls, although consolidation appears more likely before Dogecoin advances its next major move. A range-bound action soon would see Dogecoin swing between $0.21 and $0.13 for some time. In contrast, a break and close above $0.21 would complete a double-bottom pattern. Dogecoin could ascend to $0.28.
Vladislav Sopov
Dan Burgin