DOGE technicals bark bullish again

Amid a current slowdown across the cryptocurrency market, Dogecoin (DOGE) is testing the lower boundary of its ascending channel, which is a level that has repeatedly served as strong support during the ongoing bullish trend.

Indeed, the popular meme coin is currently at the bottom of an ascending channel on its 4-hour chart, according to the analysis by renowned pseudonymous crypto trading expert Trader Tardigrade shared in an X post on October 29.

Hidden bullish signals emerge as DOGE nears rebound zone

Meanwhile, technical indicators are aligning with the channel structure, suggesting a possible short-term bounce for DOGE, including the relative strength index (RSI) that reveals a hidden bullish divergence, as the analyst further pointed out.

Indeed, this is the spot where price forms higher lows while RSI dips to lower lows, often signaling continuation within an uptrend. Additionally, the stochastic RSI has formed a bullish cross at the oversold zone, reinforcing potential upside momentum.

Together, these signals point to a probable rebound from the $0.193 – $0.195 range, the current base of the channel. If buyers step in as they did in previous bounces, DOGE could resume its climb toward $0.21 – $0.22, where overhead resistance awaits.

For the time being, Dogecoin is changing hands at the price of $0.1934, indicating a decline of 3.72% in the last 24 hours, gaining 0.89% across the previous seven days, and accumulating a dip of 17.1% on its monthly chart, according to the most recent information.

Earlier, Dogecoin was struggling to gain upward momentum after experiencing rejection at the Kijun-sen baseline, which is a central Ichimoku line often viewed as an equilibrium point for price trends, and the rejection of which suggests that momentum remains weak in the short term.

That said, the recent massive accumulation of Dogecoin by the market’s largest holders, during which whales purchased more than 327 million DOGE in just 24 hours, happened against the backdrop of an even larger dump of 500 million coins in a week, as whales are trying to decide which way the market is moving.