Dogecoin (DOGE) is currently trading near a significant long-term channel support level, a technical indicator that historically preceded major price rallies. This level previously marked the turning point for substantial DOGE bull runs in both 2017 and 2021.
Accompanying this positioning is a notable surge in trading activity, with DOGE’s 24-hour trading volume increasing by 129.58%. This significant rise suggests renewed interest among market participants.
The Relative Strength Index (RSI) for DOGE is currently positioned at 47. This places it firmly in neutral territory. Technical analysts observe that a decisive move above the 50 level on the RSI could indicate a potential shift towards upward momentum.
Having earlier rebounded from a low point around $0.06, DOGE’s price action shows consolidation above the $0.20 psychological barrier. Market structure identifies a strong support floor at approximately $0.1890, serving as a crucial level for the current bullish technical case.
Looking ahead, resistance for DOGE is positioned near $0.247. Should a sustained rally develop, a more significant resistance band is anticipated within the $0.34 to $0.45 range.