Over the past week, Dogecoin has fallen 12.79%, extending a 20.41% month-over-month decline. Despite this downward trend, the meme-based cryptocurrency posts a six-month gain of 153.49%. This contrast highlights its volatile nature, providing significant returns over the long term even in the face of short-term losses.
Technical indicators suggest that Dogecoin may be oversold. The Relative Strength Index is at 28.36 and the Stochastic Oscillator is at 16.03, both below typical oversold thresholds. Additionally, the 10-day and 100-day simple moving averages are converging towards $0.32, indicating a potential price stabilization or reversal.
Looking ahead, Dogecoin faces resistance at $0.48 and stronger resistance at $0.63. Crossing these levels could signal substantial upside, potentially leading to double-digit percentage gains. On the downside, support lies at $0.18, with a deeper support level at $0.0257. If prices fall below these points, further declines could follow. Traders are watching these key levels to gauge Dogecoin’s next move.
