The post Dogecoin Price Analysis: Can Coinbase’s cbDOGE Lead to a Rebound? appeared first on Coinpedia Fintech News
Dogecoin has turned market heavyweight, with its fresh utility boost. Coinbase has officially launched Wrapped Dogecoin (cbDOGE) on Ethereum’s Layer-2 Base network. The new token maintains a 1:1 peg with DOGE, allowing holders to tap into the rapidly expanding DeFi ecosystem on Ethereum.
This move has not only increased DOGE’s accessibility but could also inject fresh momentum into its price action. However, recent price swings tell a mixed story for traders. Read this Dogecoin price analysis for all details.
Dogecoin Price Analysis:
Dogecoin is currently priced at $0.1766, marking a sharp 6.89% drop in the last 24 hours, yet it still holds a 13.45% gain over the past week. The market cap stands at $26.45 billion, down 6.61%, reflecting the broader market downturn. In the last 24 hours, DOGE has ranged between a low of $0.1692 and a high of $0.1924.
From the chart, DOGE faced rejection around $0.25 and is now hovering near key support at $0.176, just below the 9-period SMA at $0.18097. The RSI is currently at 33.23, indicating oversold conditions and suggesting a potential relief rally if buying pressure resumes.
A decisive rebound from current levels could open the door to resistance at $0.1966, and further to $0.22, especially if sentiment shifts positively. However, a failure to hold above $0.1652 could invite further downside, making it a critical support to watch.
Read our Dogecoin (DOGE) Price Analysis 2025, 2026-2030 for a peek into DOGE’s future!
FAQs
As of now, Dogecoin is trading at $0.1766, down 6.89% in the past 24 hours.
DOGE faced rejection at the $0.25 level and followed the broader market downtrend, alongside liquidation pressure and investor caution ahead of macroeconomic data.
Yes, Coinbase’s cbDOGE could enhance DOGE’s utility in DeFi, potentially attracting new users and increasing on-chain activity, which might support price recovery in the long term.