- Dogecoin was down by more than 7% in the last seven days.
- Technical indicators and metrics looked pretty bearish.
As a researcher, I’ve been closely monitoring the cryptocurrency market, and Dogecoin [DOGE] has caught my attention recently due to its bearish movement in the past week. According to CoinMarketCap, DOGE’s price dropped by more than 7% in the last seven days and over 5.5% in the last 24 hours.
As a researcher studying the cryptocurrency market, I’ve noticed an increase in bearish activity surrounding Dogecoin (DOGE) lately. The daily chart for this popular meme coin has taken on a distinctly red hue.
As an analyst, I’ve been closely monitoring the meme coin market, and recent developments have raised some concerns. The price chart is displaying a bearish pattern, indicating a potential downturn in the near future. This trend may cause troubles for investors holding the coin.
Dogecoin’s bearish move
Based on data from CoinMarketCap, the value of Dogecoin decreased by over 7% within the past week. To be more specific, there was a 5.5% reduction in its price within the last 24 hours.
As I pen this down, the value of the meme coin stood at $0.1433 in the markets, and its total market worth exceeded an astounding $20.6 billion. However, despite this valuation, the price trend exhibited a bearish inclination.
AMBCrypto’s look at DOGE’s chart revealed a bearish descending triangle pattern.
In April, the price of Doge exhibited this particular pattern and on occasion attempted to surpass the upper boundary.
Regrettably, it was denied, making a potential bearish drop below $0.128 more likely if its price decreases. Some indicators similarly pointed towards this direction.
As an analyst, I would interpret this by saying: The frequency of DOGE transactions within a given period has decreased, indicating that its usage as a meme coin has dwindled. Furthermore, its MVRV (Market Value to Realized Value) ratio is currently in the red zone.
As an analyst, I’ve observed that DOGE hasn’t experienced a recent surge in new investors based on the stable pattern of its total holder count depicted in the chart.
Last week saw a significant decrease in Doge’s social standing, indicating a decline in its popularity. Furthermore, pessimistic feelings continued to prevail in the market, as reflected in its subdued Weighted Sentiment.
Dogecoin price prediction
An analysis by AMBCrypto revealed that based on Dogecoin’s (DOGE) market indicators, a bearish breakout was a potential possibility. Specifically, we noticed that the coin’s price was staying below its 20-day Simple Moving Average (SMA), as indicated by the Bollinger Bands.
At the current moment, the meme coin’s Relative Strength Index (RSI) was hovering below the neutral level. Additionally, its Chaikin Money Flow (CMF) displayed a decrease, suggesting potential price drops ahead.
I took a closer look at Hyblock Capital’s historical data for Dogecoin (DOGE) prices, seeking potential support levels prior to the $0.128 mark that could potentially trigger a rebound.
Our analysis found that DOGE had strong supports near $0.143 and $0.139 marks.
Read Dogecoin’s [DOGE] Price Prediction 2024-2025
Moving forward, the price of DOGE exhibits potential support levels around $0.13. Should the coin reverse its trend upon reaching any of these points, it could potentially reach a value of approximately $0.146.
If a bearish breakdown occurs below $0.128, Dogecoin could potentially lose most of its March price increases.
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2024-05-11 18:15