Dogecoin (DOGE) is witnessing a notable resurgence, climbing over 10% within the last 24 hours to reach approximately $0.1326. This uptick indicates a shift in market dynamics as buyers are regaining control. The price action has remained bullish throughout the trading session, with DOGE rebounding from a low of about $0.1203 and reaching an intraday high around $0.1329.
The current market structure appears to favor buyers, although there is a possibility that DOGE may need to consolidate after such a rapid increase. A critical aspect to monitor is the support level; maintaining prices above this threshold would sustain the bullish outlook. Conversely, slipping below could redirect focus back to a range-bound trading scenario.
Analyzing the technical charts reveals that Dogecoin is attempting a short-term recovery following an extended downtrend. The daily chart indicates that DOGE has moved back above the middle Bollinger Band (20-day SMA) near $0.127, a positive sign for bullish traders. This level now serves as immediate support, bolstered by the lower Bollinger Band around $0.118, which could provide a more substantial buffer against potential selling pressure.
Moreover, the Relative Strength Index (RSI) has increased towards the neutral zone, just above 50, suggesting that momentum is on the rise but has not yet reached a fully bullish condition. On the resistance side, the upper Bollinger Band near $0.136 presents a clear barrier, coinciding with a previous breakdown zone that could limit further advances in the short term. A sustained breakthrough above this point would suggest a more significant trend shift and could pave the way for additional gains.
In terms of futures data, recent flows indicate some short-term pressure, yet sentiment appears to be improving over extended periods. Within the last 30 minutes and 1 hour, net outflows of $6.51 million and $5.98 million were recorded, potentially reflecting brief profit-taking or caution among traders. However, a broader perspective reveals that longer timeframes, specifically the 4-hour, 8-hour, and 12-hour windows, show net inflows of $21.48 million, $14.73 million, and $28.31 million, respectively. This suggests that larger market participants are gradually re-entering the market.
Overall, despite transient outflows, the prevailing futures data indicates a rebuilding of bullish positioning, supporting the notion of stabilization rather than a prolonged downturn in Dogecoin“s performance.
