Oversold DOGE eyes relief at $0.24

Disclaimer: This is not financial or investment advice. You are responsible for any capital-related decisions you make, and only you are accountable for the results.

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DOGE:

• DOGE currently has a negative Funding Rate of -0.006%, indicating that there is more interest amongst traders going Short than Long.
• Price broke out of its downtrend but it unfortunately rejected the local resistance of $0.284.
• Price then broke $0.24 and has pushed down to new lows.
• Price has now seemingly found some support between the $0.203 and $0.219 zone.
• The area of $0.181 to $0.219 is a big area of support, but granted it's a large zone.
• The RSI is in oversold territory, and it's below it's moving average, whilst being in a longer-term downtrend. This isn't great. But, the oversold conditions could help produce a small bounce in the very near term, more of a small relief rally.

• Next Support: $0.181
• Next Resistance: $0.219
• Direction: Neutral
• Upside Target: $0.24
• Downside Target: $0.181

Curious about DOGE's next move? Our DOGE price prediction offers a deep dive into market trends!

Cryptonary's take

Like most Alts/memes, DOGE has pulled back substantially from its highs. Price has now entered what should be a relatively strong support zone whilst the indicators are oversold.

This may set up for a small relief rally in the immediate term, although we do think its upside is limited. It's possible we see a retest of $0.24, but perhaps that's as good as it gets in the short term. Beyond that, we expect $0.18 to be tested in the coming weeks/month.