Dogecoin (DOGE) remains in a prolonged consolidation phase on Saturday, February 28, following a liquidity sweep, which absorbed weaker positions and tested market strength.
According to the crypto analyst BitGuru, the token is currently holding a critical support base, drawing attention from analysts and traders. Maintaining this zone could set the stage for stability, allowing cautious investors to accumulate without triggering significant volatility or panic selling.
Source: BitGuru X Post
If the support holds, DOGE may enter a slow accumulation period, creating conditions for a potential rebound. Market watchers highlight that such phases often precede sharp upward moves, with higher liquidity levels near the $0.15 mark in focus.
Patient accumulation and renewed buying interest at this base could fuel a decisive breakout, signaling renewed momentum in the Dogecoin market.
Also Read: Dogecoin Price Analysis: DOGE Holds $0.095 Support, Eyes $0.114 Breakout
DOGE Technical Outlook Shows Bearish Pressure
According to TradingView, as of Saturday, February 28, DOGE has a clear short-term downtrend following its mid-month high at 0.115.
The asset has fallen below its important moving averages, including its 200 SMA at 0.101. The asset has formed lower highs and lower lows, with a failed test at a descending trendline, keeping its bearish momentum intact at its 0.088-0.090 range.
Source: TradingView
The Ichimoku signals remain cautious, with the price holding below the cloud, while the resistance is between 0.093 and 0.096, represented by the Tenkan and Kijun lines, respectively.
The leading cloud is flat to slightly bearish, indicating that the price is consolidating with a downward risk. The support is at 0.088, while the price needs to move back to the 0.096-0.101 region to turn the short-term picture bullish
RSI and MACD Reinforce Downward Momentum
The Relative Strength Index (RSI) is currently at 38.71, trending below the yellow signal line at 44.68. This indicates that the momentum of the bears is still in control in the market.
Although the RSI has rebounded from the oversold region at 30, it is currently in a weak region, suggesting that the buyers have not yet taken control of the price.
Source: TradingView
The MACD indicator also supports this by showing that there is downward pressure, with the blue line at -0.00154, well below the orange signal line.
The fact that there are red histogram bars indicates that there is selling momentum. In order for there to be a potential trend reversal, the MACD needs to flatten out and then rise up through the signal line.
Also Read: DOGE Consolidates in Narrow $0.092–$0.110 Range With $0.160 Breakout in Sight