- Dogecoin records growth in the last month amid the meme market decline.
- The gains may be wiped off soon, as key indicators showed that the bears remain in market control.
In simpler terms, among all popular meme coins, only Dogecoin (DOGE) has seen price increases during the past month. According to recent analysis by IntoTheBlock, the meme coin market has experienced a decrease in activity.
According to the on-chain data provider, DOGE’s price climbed by 4.43% during the 30-day period.
Within this time frame, PEPE and SHIB, two prominent cryptocurrencies, experienced significant drops: a decrease of 33% for PEPE and a decline of 25.28% for SHIB.
Can DOGE extend these gains?
At the moment of reporting, DOGE was priced at $0.15. Based on information from CoinMarketCap, the value of this meme coin dropped by 6% over the previous 24 hours, following the overall downward trend in the cryptocurrency market.
The data obtained from CoinGecko revealed a 2.38% decrease in the total value of all cryptocurrencies around the world over that time frame.
To determine if DOGE would continue its 30-day price increase, AMBCrypto examined the coin’s major technical signals using a one-day chart. The analysis revealed that pessimistic feelings were still quite strong.
Since the 2nd of April, the MACD lines in the indicator have maintained a position with the MACD line underneath the signal line based on the readings from the Moving Average Convergence Divergence (MACD) indicator.
In simpler terms, when the MACD line for an asset sits beneath its signaling line, it means that the short-term moving average is currently lower than the long-term moving average.
This event can indicate a change from optimistic (bullish) to pessimistic (bearish) sentiment among traders, prompting them to sell their assets.
At present, the red line indicating a bearish trend in the market has risen above the green line signifying a bullish trend, suggesting a continued downturn since the crossover point on April 12th.
The drop in DOGE prices could be indicative of sellers reclaiming dominance in the market, leading to a possible continued price decrease. This is a bearish indication implying potential for further price declines.
In terms of the meme coin’s popularity, the Chaikin Money Flow (CMF) indicator showed that more money was leaving the asset than entering it.
Realistic or not, here’s DOGE’s market cap in BTC’s terms
A CMF value below zero indicates market weakness, as it suggests increased liquidity exit.
At press time, DOGE’s CMF was -0.01.
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2024-04-18 12:07