Dogecoin is up 1.11% so far today and is trading at $0.06546, but the rally may only be a temporary respite for battered bulls.

Momentum remains firmly in favor of the bears after an unsuccessful attempt to break out of $0.06907 last week on June 23.

As Dogecoin price still struggles to regain momentum, despite the small price increase, most indicators suggest that Dogecoin will continue its multi-day decline.

Dogecoin Price Struggles Amid Bearish Indicators

The 20-day SMA at $0.06556 is acting as an immediate resistance for the price, while the 50-day SMA at $0.06879 and the 100-day SMA at $0.07262 further indicate a bearish trend.

The RSI is currently at 47.54, which is slightly up from yesterday’s level of 45.24. However, as the RSI remains below 50, the meme coin remains in a bearish market.

The MACD histogram, a useful tool for identifying potential trend reversals, is currently at 0.00069, down from 0.00076 yesterday.

The decline in the MACD means that the bearish momentum in Dogecoin’s price is likely to continue.

Dogecoin price fails to gain foothold as bears remain in control

Meme Coin’s market capitalization increased by 1.02% to $9 billion, while its 24-hour trading volume increased by 4.91% to $246 million.

While both figures are positive, they are not enough to signal a bullish reversal.

The immediate resistance for Dogecoin price is the 20-day EMA, followed by the 50-day SMA, which converges with the Fibonacci 0.382 level ($0.06907).

Dogecoin price is currently struggling with bearish technical indicators. Traders are advised to proceed with caution and closely monitor price action as well as key support and resistance levels.

A clear break above the above resistance level could signal a trend reversal. However, until such a breakout occurs, bears are expected to maintain their dominant position.

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