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DOGE sank by more than 5% in the last 24 hours.
Metrics and market indicators continued to remain bearish.
As a seasoned crypto investor, I’ve seen my fair share of market ups and downs, including the recent bearish trend that caused Dogecoin (DOGE) and other cryptos to decline significantly in value. The past week was particularly disastrous for DOGE, with its price dropping by more than 11%, followed by a further 5% decline in the last 24 hours.
In recent developments, the cryptocurrency market has shifted to a bearish trend, resulting in price drops for most coins such as Dogecoin (DOGE). Despite apprehensions about potential market value decreases for various cryptocurrencies, DOGE could be devising a unique strategy moving forward.
Dogecoin might turn bullish
As a researcher studying the cryptocurrency market, I’ve observed that DOGE experienced a significant setback over the past week, with its value decreasing by over 11%. Furthermore, in just the last 24 hours, there was a notable decline of more than 5% in the price of this meme coin.
As a researcher examining the cryptocurrency market, according to CoinMarketCap’s current data, Dogecoin is priced at around $0.1401, and its market capitalization exceeds $20 billion. Consequently, it ranks as the eighth largest crypto by market cap in my analysis.
As a researcher studying the DOGE cryptocurrency market, I’ve noticed an intriguing development in the past few hours. The 6-hour chart now exhibits a potential bullish pattern, indicating that there could be positive price movements for DOGE in the near future.
If DOGE manages to surpass the current resistance level in a strong upward trend, it could trigger a significant bull market. Consequently, DOGE may regain its lost ground and potentially reach its peak value from March 2024 within a few weeks.
What metrics suggest
As a market analyst at AMBCrypto, I’ve noticed a potential trend reversal developing in Dogecoin’s 6-hour chart. To gain a clearer understanding of this situation, I intend to delve into the coin’s essential metrics and assess their implications.
According to our examination, Dogecoin’s trading volume significantly decreased during the past week. Yet, the chart has recently begun to climb upwards. A surge in trading volume accompanied by declining prices is considered a bearish sign, suggesting that the coin’s value may continue falling.
As a crypto investor, I’ve noticed that the MVRV ratio of the memecoin I’m holding has taken a significant dive in the recent past. To be specific, DOGE‘s MVRV ratio currently stands at -16.5%. This sharp decrease can be attributed to the steep price decline that DOGE experienced over the last week. As a result, the total supply of DOGE coins that were previously in profit has now moved into the red zone for me.
As a DOGE investor following AMBCrypto’s analysis, I discovered that merely 70% of us were currently experiencing profits according to IntoTheBlock’s data.
As an analyst, I’ve observed that the bearish trend in DOGE‘s price action took a toll on its social metrics as well. The social value of this meme coin dipped slightly, indicating reduced popularity within the crypto community.
The prevailing feeling towards DOGE in the market continued to lean heavily towards pessimism, with negative opinions outweighing positive ones.
It appeared that the prospects for a DOGE bull run were increasingly uncertain based on our analysis of its market signals. The Moving Average Convergence Divergence (MACD) line showed a strong bearish influence within the market.
As a crypto investor, I’ve noticed that both the Moving Average Convergence Divergence (MACD) and Relative Strength Index (RSI) have taken a downturn for Dogecoin (DOGE). The RSI, specifically, is trending downwards and is approaching the neutral mark. These technical indicators may be signaling that DOGE’s price could experience a more significant decrease before potentially recovering.
Realistic or not, here’s DOGE’s market cap in BTC’s terms
As an analyst, I observed that Dogecoin wasn’t the only meme coin exhibiting bearish trends. Similarly, Shiba Inu (SHIB) mirrored this downward performance in the market.
According to CoinMarketCap’s current data, SHIB experienced a decrease of more than 5% in the past 24 hours. At present, its price stands at $0.00002349, and its market capitalization is over $13.8 billion.
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2024-04-30 02:15