Dogecoin (DOGE) is experiencing bearish momentum, slipping 1.5% in the past 24 hours to trade around $0.1032. Despite this, DOGE has shown relative strength against Bitcoin, gaining 0.6% on the DOGE/BTC pair. Over the past month, Dogecoin has declined by more than 27%, with recent support at $0.103 being tested by sellers.
The meme coin's immediate support is at $0.103, with potential further declines to $0.10 if this level fails. Resistance is seen at $0.123, aligning with the Parabolic SAR level. Momentum indicators like the Awesome Oscillator suggest continued bearish pressure. However, historical patterns in the Price Momentum Oscillator (PMO) indicate potential for a significant upside, reminiscent of past rallies.
Analyst Trader Tardigrade notes that similar PMO levels have preceded major rallies, suggesting a possible target of $1.15-$1.8, requiring a 1,644% surge from current prices. Despite short-term bearishness, these historical signals suggest a potential long-term bullish setup for Dogecoin.
Dogecoin Faces Bearish Pressure Amid Historical Bullish Setup
Disclaimer: The content provided on Phemex News is for informational purposes only. We do not guarantee the quality, accuracy, or completeness of the information sourced from third-party articles. The content on this page does not constitute financial or investment advice. We strongly encourage you to conduct you own research and consult with a qualified financial advisor before making any investment decisions.
