Dogecoin (DOGE) has recently experienced a modest upturn, pushing its price higher on the last trading day of the week. This analysis delves into the meme coin's recent performance and offers insights into its short-term and longer-term price potential, drawing from various technical perspectives.
Short-Term Price Momentum
In the immediate term, DOGE has shown a positive trend, climbing 1.03% since yesterday and currently trading around $0.2295. On an hourly chart, Dogecoin's price is actively rising following a decisive breakout above the $0.2192 resistance level. Should the daily trading bar conclude around its current prices, this upward momentum could extend, potentially seeing DOGE test the $0.2350 to $0.24 range before the week concludes.
Longer-Term Outlook and Midterm Neutrality
Zooming out to a longer timeframe, Dogecoin continues its ascent after successfully retesting its critical support level at $0.2086. If the current bar closes without a significant upper wick, traders might anticipate a further increase, possibly reaching the $0.25 mark by the end of the month. However, a midterm view presents a picture of neutrality; neither buyers nor sellers are currently dominating the market. This equilibrium is reflected in declining trading volumes, suggesting that significant, sharp price movements are unlikely to occur in the immediate future.
