Dogecoin, a popular dog-themed meme coin, has defied the broader cryptocurrency market downturn today, with its price rising by 0.39 percent and trading at $0.1044 at the time of writing. This comes after the token had tested a critical resistance level around the $0.115 level earlier this week. However, a slight pullback of 10 percent suggests potential downside pressure in the short term. Despite this, the DOGE token has shown stability around a support trendline drawn from recent lows, which could act as a crucial level for buyers to defend to prevent a more significant decline.
However, on-chain metrics present a bearish outlook for the token, with transaction volume declining steadily, highlighting a lack of interest and activity among investors. The token is currently at a bearish outlook, with the RSI index at 45.03, indicating ample space for further downward movement before reaching oversold conditions.
Dogecoin’s ability to hold above the $0.10 mark will be a critical test of its strength and resilience in the face of market volatility. A shift in market sentiment could cause a rebound and potentially lead to a test of higher resistance levels around $0.126, aligned with the 78.6 Fibonacci retracement. If key support levels hold, there is still potential for a rebound.
Source: <img decoding="async" class="aligncenter size-large wp-image-300512" alt="Dogecoin’s Transaction Stats (Source: IntoTheBlock)" width="1024" height="352" title="Dogecoin Faces Critical Stress Test: Can DOGE Hold Above $0.10?" srcset="https://www.cryptonewsz.com/wp-content/uploads/2024/10/clipboard-image-1728598243-1024×352.webp 1024w, https://www.cryptonewsz.com/wp-content/uploads/2024/10/clipboard-image-1728598243-300×103.webp 300w, https://www.cryptonewsz.com/wp-content/uploads/2024/10/clipboard-image-1728598243-768×264.webp 768w, https://www.cryptonewsz.com/wp-content/uploads/2024/10/clipboard-image-1728598243-1536×528.webp 1536w, https://www.cryptonewsz.com/wp-content/uploads/2024/10/clipboard-image-1728598243-332×114.webp 332w, https://www.cryptonewsz.com/wp-content/uploads/2024/10/clipboard-image-1728598243-664×228.webp 664w, https://www.cryptonewsz.com/wp-content/uploads/2024/10/clipboard-image-1728598243-688×236.webp 688w, https://www.cryptonewsz.com/wp-content/uploads/2024/10/clipboard-image-1728598243-1044×359.webp 1044w, https://www.cryptonewsz.com/wp-content/uploads/2024/10/clipboard-image-1728598243-1400×481.webp 1400w, https://www.cryptonewsz.com/wp-content/uploads/2024/10/clipboard-image-1728598243-150×52.webp 150w, https://www.cryptonewsz.com/wp-content/uploads/2024/10/clipboard-image-1728598243.webp 1642w" data-lazy-sizes="(max-width: 1024px) 100vw, 1024px" src="https://www.cryptonewsz.com/wp-content/uploads/2024/10/clipboard-image-1728598243-1024×352.webp"/><img loading="lazy" decoding="async" class="aligncenter size-large wp-image-300512" src="https://www.cryptonewsz.com/wp-content/uploads/2024/10/clipboard-image-1728598243-1024×352.webp" alt="Dogecoin’s Transaction Stats (Source: IntoTheBlock)" width="1024" height="352" title="Dogecoin Faces Critical Stress Test: Can DOGE Hold Above $0.10?" srcset="https://www.cryptonewsz.com/wp-content/uploads/2024/10/clipboard-image-1728598243-1024×352.webp 1024w, https://www.cryptonewsz.com/wp-content/uploads/2024/10/clipboard-image-1728598243-300×103.webp 300w, https://www.cryptonewsz.com/wp-content/uploads/2024/10/clipboard-image-1728598243-768×264.webp 768w, https://www.cryptonewsz.com/wp-content/uploads/2024/10/clipboard-image-1728598243-1536×528.webp 1536w, https://www.cryptonewsz.com/wp-content/uploads/2024/10/clipboard-image-1728598243-332×114.webp 332w, https://www.cryptonewsz.com/wp-content/uploads/2024/10/clipboard-image-1728598243-664×228.webp 664w, https://www.cryptonewsz.com/wp-content/uploads/2024/10/clipboard-image-1728598243-688×236.webp 688w, https://www.cryptonewsz.com/wp-content/uploads/2024/10/clipboard-image-1728598243-1044×359.webp 1044w, https://www.cryptonewsz.com/wp-content/uploads/2024/10/clipboard-image-1728598243-1400×481.webp 1400w, https://www.cryptonewsz.com/wp-content/uploads/2024/10/clipboard-image-1728598243-150×52.webp 150w, https://www.cryptonewsz.com/wp-content/uploads/2024/10/clipboard-image-1728598243.webp 1642w" sizes="(max-width: 1024px) 100vw, 1024px"/>
