Dogecoin: Between Bullish Breakouts and Bearish Backslides

Heading into the weekend, the memecoin side of the cryptocurrency market is in a difficult situation. Dogecoin, the king of meme coins (Doge-USD) is a perfect example of how difficult the current price trend situation is. From a technical analysis perspective, DOGE technical indicators provide strong evidence for a bullish breakout or a return to bearish price action.

Bullish case: climbing the Fibonacci ladder

Dogecoin is holding ground at the important 61.8% Fibonacci retracement level at $0.1232, suggesting a strong support zone that could form a strong foundation if held. The next challenge for Dogecoin is the 50% Fibonacci level at $0.1387, and if it can overcome it, it could further strengthen the bullish ground. The RSI highlights this possibility, currently plotting just below 35, suggesting a breakout from the descending triangle, a classic bullish signal in technical analysis.

The latest data from TipRanks confirms this optimism, with Dogecoin’s daily 20-period EMA of $0.10 and 50-period EMA of $0.10, both below the current price of $0.1369, providing a strong buy signal. Showing. Similarly, on the weekly chart,

Bear case: warning signs on the road

However, the road is not without obstacles. Both long-term and short-term analysis of TipRanks paints a more cautionary tale. On the monthly chart, the 20-period EMA and 50-period EMA both remain at $0.1400, suggesting a sell signal. Additionally, the 3-day chart shows a 20-period EMA of $0.1500 and a 50-period EMA of $0.1300, both of which are indicating a sell signal, further complicating the bullish prediction.

If you’re looking for a clear bull or bear story heading into the weekend, you won’t find it. In some cases, there is no single clear direction.

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