- DOGE has declined by 4.11% over the past 24 hours.
- Dogecoin’s market sentiment has turned negative as investors become impatient.
As a seasoned analyst with over two decades of experience in the financial markets, I’ve seen my fair share of market fluctuations. The current state of Dogecoin (DOGE) is reminiscent of a rollercoaster ride, albeit a less thrilling one compared to its meteoric rise earlier this year.
After reaching a peak of $0.48, Dogecoin [DOGE] has found it challenging to keep up its positive trend. Instead, it’s been moving within a narrow price range, fluctuating between $0.42 and $0.37 for some time now.
Currently, the value of DOGE is being transacted at approximately $0.3832. This represents a decrease of about 4.11% in its daily trading activities.
After a long period of growth, the more recent downturn suggests a possible change in market trends. Given this, well-known cryptocurrency analyst Ali Martinez interprets the current market scenario as a warning sign for bears (those who predict a decline).
Dogecoin’s market sentiment turns bearish
Martinez suggests that the public opinion about Dogecoin is now pessimistic. He believes this might be because traders are growing frustrated with the ongoing price stability.
A change in market attitude from optimistic (bullish) to pessimistic (bearish) indicates that buyers are running out of steam, while sellers are taking control of the market.
Frequently, when the supply side has more control, it can lead to increased competition among sellers, causing price pressure and an excess of goods available, ultimately resulting in lower prices.
Over the last ten days, the dominance of sellers in the market can be seen as Doge’s Relative Strength Index (RSI) decreased. This implies that many investors are choosing to cash out to secure their profits and prevent further potential losses.
On their own analysis, as per Coinglass, short sellers are holding a significant lead, accounting for 54% within a day’s timeframe and 64% over a four-hour period. This suggests that the majority of investors are wagering on prices continuing to drop.
What DOGE charts suggest
Based on what we’ve seen so far, it appears that Dogecoin (DOGE) may experience additional declines, as its recent upward trend seems to be running out of steam.
Initially, we notice the weariness and intensification of the falling trend as the +DI decreases. When this positive indicator consistently drops, it implies that the market’s upward push has weakened, and the downward trend is gaining power instead.
Furthermore, Dogecoin’s Price DAA disparity has persisted as negative over the last week, suggesting that the majority of investors are choosing to steer clear of this particular asset.
Read Dogecoin [DOGE] Price Prediction 2024-2025
Given the change in investor attitudes towards Dogecoin, there’s a possibility of further declines in its value as reflected on the price graphs. If this trend continues, Dogecoin might fall to approximately $0.367.
But should the dip serve as a buying chance and investors decide to jump back in, there’s a possibility that the memecoin might bounce back and regain its $0.40 resistance point once more.
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2024-12-19 01:11