Dogecoin (DOGE) is trading near $0.137, showing signs of consolidation after a volatile intraday session. The price experienced a sharp drop from around $0.138 to $0.135, where strong buying interest emerged, quickly propelling it back to the $0.137 zone. At press time, DOGE was trading at $0.1376, marking a 0.38% decline over the past 24 hours.
On the hourly chart, the price made a false breakout of the local resistance at $0.1383. Analysts note that if the daily bar closes near the current support, a test of the $0.1360 zone could occur soon. A sustained hold above the $0.136–$0.137 range is considered crucial for near-term stability, while a breakout above $0.138 would signal renewed upside momentum.
Technical analysis reveals a mixed picture. On larger time frames, the situation appears more bearish, with the rate returning to a support level at $0.1358. The broader chart shows a pattern of lower highs and lower lows, with the price sliding from the mid-$0.20 region. The Bollinger Bands indicate continued downside pressure, with price trading near the lower band at $0.120 and below the middle 20-day moving average around $0.139.
However, a potential catalyst for a short-term reversal has emerged. According to analyst Trader Tardigrade, Dogecoin's daily stochastic indicator has slipped into the oversold zone. Historically, similar oversold readings for DOGE have often preceded relief bounces or trend resumptions. This signal suggests selling pressure may be nearing exhaustion, increasing the likelihood of stabilization and a potential rebound phase if buying momentum improves in coming sessions.
From a mid-term perspective, the price of DOGE is in the middle of a channel between support at $0.1199 and resistance at $0.1568. As the rate is currently far from these key levels, analysts suggest there are low chances for sharp price moves by the end of the month.
