Dogecoin is currently trading at approximately $0.1001, down 0.32% in the past 24 hours. The price gradually declined from $0.104, with sellers increasingly dominating the market. Furthermore, the price consistently made lower highs throughout the trading session, indicating weakening upward momentum and cautious trader sentiment.
Despite some pullback, Dogecoin remains one of the largest cryptocurrencies with a market capitalization of approximately $14.5 billion and a 24-hour trading volume approaching $2 billion. If buying pressure picks up, the $0.10 level could become a key psychological support; a rebound to the $0.102 to $0.104 range would signal a recovery in upward momentum.
Dogecoin held above the key support level of $0.10, with the RSI indicator hitting its oversold limit in 12 years.
According to analyst Cryptollica, Dogecoin's long-term chart highlights a key macro support area. Dogecoin is currently trading near $0.10, situated on an upward trendline formed over multiple market cycles. This trendline has been trending lower since its early stages, indicating that long-term buyers are holding firm at this price level despite significant short-term price volatility.
The Relative Strength Index (RSI) is nearing a 12-year low, indicating severely oversold market momentum across macro timeframes. Historically, such low RSI readings have typically occurred near major accumulation phases. Cryptollica suggests ignoring hourly and daily chart fluctuations and focusing on the overall trend. If support around $0.09 to $0.10 holds, Dogecoin could lay the foundation for a larger rally.
Dogecoin enters its third cycle after a historic surge.
Meanwhile, according to analysis firm Bitcoinsensus, Dogecoin's long-term price chart shows that its price history has gone through three major market cycles. The first cycle covers the early rally in 2017, when Dogecoin's price surged from below $0.001 to around $0.01. This phase marked Dogecoin's entry into the broader cryptocurrency market, initiating the first strong wave of speculation.
Following the second cycle, Dogecoin's price surged, soaring from approximately $0.002 to a peak of nearly $0.73 in 2021. The chart currently shows the third cycle, with Dogecoin trading around $0.10 after a prolonged correction. Bitcoinsensus believes this phase resembles a previous consolidation period, after which new upward momentum may emerge.
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