- Dogecoin’s price declined by 3% in the last 24 hours, but investors’ confidence was high.
- A few of the market indicators looked bullish on the memecoin.
As an experienced cryptocurrency analyst, I have witnessed numerous price fluctuations in the crypto market. Dogecoin’s [DOGE] recent 3% decline in the last 24 hours was a concern for many investors, but the overall sentiment remained bullish.
Similar to many other cryptocurrencies, including the popular meme coin Dogecoin (DOGE), has experienced challenges in recent weeks. Despite the meme coin’s price graphs showing a downturn, there is a possibility that DOGE could shift its trajectory in the near future.
Let’s take a closer look at what’s cooking.
Dogecoin’s recent price correction
Over the past week, the memecoin has experienced several price drops. Yesterday’s market conditions took a turn for the worse, with DOGE‘s value decreasing by over 3% in just 24 hours.
As I pen down these words, Dogecoin is currently changing hands at an average price of $0.1207. This digital currency boasts a market capitalization that surpasses $17.49 billion. While the recent market fluctuations have caused some price dips, the belief and trust among investors in Dogecoin seem unwavering.
According to AMBCrypto’s analysis of IntoTheBlock’s findings, approximately 4.22 million Dogecoin (DOGE) wallets have possessed the memecoin for more than a year. This data underscores the faith and commitment of investors in DOGE.
Elja, a renowned cryptocurrency analyst, recently shared on Twitter that Dogecoin might be due for a price rise based on its latest development. According to his post, Dogecoin has formed a double bottom pattern.
When this pattern emerges on a graph, it’s a strong sign that the odds of an uptrend are elevated. In such a case, DOGE may regain its previous highs reached in March within the ensuing weeks or months following the bullish breakthrough.
What to expect in the short term?
As a researcher studying the cryptocurrency market, I examined Dogecoin’s daily chart out of suspicion that a bull rally might be on the horizon. To gain clarity on its potential direction, I looked closely at the technical indicator MACD (Moving Average Convergence Divergence). The findings revealed a promising possibility of a bullish crossover for Dogecoin based on this indicator’s analysis.
The Chaikin Money Flow (CMF) indicator for the memecoin has risen, implying that buying pressure is increasing and the price may be poised for a bullish move soon.
Nonetheless, the Relative Strength Index (RSI) remained bearish as it went southward.
As a crypto investor, I believe it’s important to approach market expectations with a healthy dose of realism. While DOGE‘s recent bullish breakout is certainly promising, expecting it to reach its March highs in just a few days is quite an ambitious prediction. Instead, let’s explore potential short-term targets based on Hyblock Capital’s data analysis. By doing so, we can make informed decisions that take into account current market conditions and trends.
Based on our examination, if there is a bullish breakthrough, the price of DOGE could initially reach around $0.1289. This level may trigger significant liquidation, causing a sharp increase in sell orders.
Taking a dip in the market for Dogecoin (DOGE) can lead to temporary price decreases. Overcoming this level could pave the way for DOGE to hit approximately $0.135.
As a researcher observing the cryptocurrency market, I noticed that while Dogecoin (DOGE) remained in the red, Shiba Inu (SHIB), the second-largest memecoin, experienced a comparable downturn. According to CoinMarketCap’s data, SHIB’s value decreased by over 8% within the last seven days.
As a market analyst, I’d express it this way: Currently, SHIB is priced at around $0.00001695. Its market value surpasses $9.9 billion.
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2024-06-27 18:16