Bears in Control: Can DOGE Turn the Tables and Go Bullish Soon?

• DOGE is trading in the $0.13 range.
• The trading volume has jumped by over 181%.

The broader crypto market continues to remain under bearish pressure, with the major assets being charted in red, losing momentum. Bitcoin (BTC), the largest asset, is struggling to cross $90K, while the largest altcoin, Ethereum (ETH), hovers near $3.1K. Notably, the meme coin market cap has gained by over 3.1%, rising to $48.4 billion. 

The dog-themed DOGE has slipped by over 2.25% in value. In the morning hours, it traded at a low of $0.1358. As hours passed by, with a brief bullish shift, the price has climbed to a high of $0.1421. Conditional upon the bears staying for a longer period, the meme coin’s price movement may face more downside. 

At the time of writing, DOGE traded within the $0.1364 range, with its market cap reaching $22.91 billion. In addition, the daily trading volume of the meme coin has jumped by over 181.12%, touching the $1.29 billion zone. As per the Coinglass data, the market has seen a 24-hour liquidation of $5.80 million worth of DOGE.

Is DOGE’s Bullish Shift Around the Corner?

Both the Moving Average Convergence Divergence and the signal lines are positioned below the zero line, which indicates bearish market conditions. If the MACD starts rising above, it hints at the start of a potential trend shift. Besides, DOGE’s Chaikin Money Flow (CMF) indicator is found at -0.06, suggesting mild selling pressure. At the same time, the capital is flowing out, showing a weaker distribution than a strong downtrend.

DOGE chart (Source: TradingView)

Moreover, the daily Relative Strength Index (RSI) stationed at 37.49 implies bearish to neutral momentum. The meme coin is approaching the oversold territory, where the downside momentum may begin to slow or stabilise. DOGE’s Bull Bear Power (BBP) reading of -0.00371 points to a very weak bearish dominance in the market. As the ongoing momentum is minimal, it has near-balance conditions and a lack of strong direction from either side.

The overall trading sentiment of DOGE is negative, and if the price loses momentum, it might go to the nearest support range at $0.1354. Assuming the bearish correction aggravates, the price could fall lower toward $0.1344. Conversely, a bounce within the DOGE market could trigger the price to reclaim the $0.1374 resistance level. A potential breakout might push the bulls to gain more traction and likely bring in a retest at around $0.1384.

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