The crypto market is under selling pressure in the early Thursday session, with several digital assets trading in the red. Major cryptocurrencies fell as much as 5% as traders took profits after a steady rise earlier this week, with Dogecoin (DOGE) losing about 6% in the last 24 hours.
The market's mixed signals and frequent tone shifts are confusing traders, who are still seeking further cues on positioning.
At press time, DOGE was down 5.42% in the last 24 hours to $0.172, mirroring the drop on the crypto market.
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Following two consecutive days of rising earlier in the week, Dogecoin surpassed the daily SMA 50, which had capped its price since December 2024, to reach highs of $0.1855 in Wednesday's trading session.
After briefly hitting that key resistance point, DOGE has since slipped, hitting intraday lows of $0.169 in the early Thursday trading session.
DOGE/USD Daily Chart, Courtesy: TradingView
The failed breakout at $0.185 suggests that sellers are defending it strongly. This level has now become an immediate barrier for the Dogecoin price, and a break above it might suggest renewed bullish momentum.
What's next for Dogecoin?
The market is closely watching DOGE’s ability to hold above immediate support levels; in this case, it will be watched if Dogecoin could flip the daily SMA 50 barrier again into support. If the price consolidates above the daily SMA 50 at $0.168 and generates sufficient buying pressure, another attempt to breach $0.185 may be on the horizon.
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However, failing to hold present levels may result in more of a decline, possibly returning to the $0.13 support zone.
The RSI slightly above the 50 midpoint suggests a slight advantage for the bulls, although consolidation appears more likely before Dogecoin advances its next major move. A range-bound action soon would see Dogecoin swing between $0.21 and $0.13 for some time. In contrast, a break and close above $0.21 would complete a double-bottom pattern. Dogecoin could ascend to $0.28.
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