Dogecoin (DOGE) has seen a modest uptick over the last 24 hours, even as the broader cryptocurrency market shows signs of upward momentum. However, a closer look at its various timeframes reveals a mixed outlook, with short-term bullish signals tempered by a more cautious mid-term and bearish longer-term perspective.
DOGE's Immediate Price Action
In the immediate short term, DOGE's price has climbed by 1.38% in the past day, trading around $0.1245 at press time. Analysis of the hourly chart indicates a bullish trend, following a false breakout below the local support level of $0.1236. Should the daily trading bar conclude near its resistance, there is potential for DOGE to extend its upward movement into the $0.1250-$0.1260 range in the near future.
Mid-term Outlook and Market Control
Despite the short-term positive signals, the broader daily timeframe presents a neutral picture, exhibiting neither strong bullish nor bearish momentum. Low trading volume suggests that Dogecoin is likely to experience sideways trading around its current prices until the week's end. From a midterm perspective, sellers currently maintain control of the market. If the weekly candle closes at or below current prices, traders should anticipate a continued downward trend, potentially seeing DOGE fall to the $0.10 range in the upcoming month.
