Assessing if Dogecoin is finally ready for a new price breakout on the charts – BitRss

• DOGE ($0.25) bounced off a key support, highlighting potential for short-term recovery despite bearish patterns
• Declining network activity and a bearish MVRV signaled that a breakout may be unlikely soon

Dogecoin [DOGE] recently saw a massive transfer of 100 million DOGE (worth approximately $25.4 million) to Binance, sparking speculation about its next market move. 

At press time, DOGE was trading at $0.2551 following a modest increase of 0.10% in the last 24 hours. The aforementioned whale move raises some very important questions – Could it be the catalyst for a breakout, or will the market continue to struggle?

What’s happening on DOGE’s chart?

Looking at DOGE’s price action, the cryptocurrency bounced from a crucial support zone around $0.25 – A sign of potential accumulation after recent pullbacks. This level has been important for Dogecoin in the past, meaning it may play a pivotal role in any future rally. 

However, DOGE seemed to be under pressure due to a descending channel formation, suggesting the market may still favor the bears. At press time, the Relative Strength Index’s (RSI) 37.93 reading indicated that Dogecoin was oversold and may be due for a rebound.