[Analysis] "Dogecoin forms resistance at $0.10…a breakout could pave the way for a rebound"

Uk Jin

Summary

Dogecoin (DOGE) was reported to be up 1.30% from the previous day, trading at $0.10.
Dogecoin was assessed to be facing resistance at $0.0995–$0.102, remaining in a short-term daily-chart downtrend, with the MACD in bearish territory.
Further gains were said to require improving RSI, rising trading volume, and a decisive price breakout.

Market attention is on whether Dogecoin (DOGE), the bellwether memecoin, can extend its rally after a modest intraday gain.

As of the 21st (Korea time), Dogecoin was up 1.30% from the previous day at $0.10, according to CoinMarketCap.

Gary Pons, a contributor to BlockNews, said, "Dogecoin is forming resistance in the $0.0995–$0.102 range," adding, "If it fails to clearly break above this zone, the existing downtrend could persist."

He noted, "On a short-term daily-chart basis, Dogecoin remains in a downtrend," explaining that "the Moving Average Convergence Divergence (MACD) is still in bearish territory, so it is not a clear signal of a bullish reversal."

He also assessed that "the Relative Strength Index (RSI) has moved out of oversold territory, but it is still insufficient to be viewed as strong buying," adding that "a decisive price breakout alongside volume will be needed for further upside."

DOGE