- DOGE is trading at the $0.21 mark.
- Trading volume has surged by over 84%.
With a 2.19% uptick, the broader crypto market has reached $3.81 trillion. Notably, the market sentiment has entered the fear zone as the Fear and Greed Index value is holding at 39. There is a divergence in the market, with some tokens gaining and others losing momentum. Meanwhile, the meme coin market cap is at $71 billion.
Among them, the dog-themed Dogecoin (DOGE) has marked a 1.79% spike. The meme coin was trading at a high of $0.2196 in the early hours. Eventually, the price shifted into bearish gear and reached a low of $0.2055. As per CMC data, at the time of writing, DOGE traded within the $0.2139 mark.
The meme coin’s market cap is staying at $32.25 billion, with the daily trading volume having surged by over 84.51%, reaching $2.5 billion. It is essential to highlight that the market has seen an event of $10.43 million worth of DOGE liquidation during this interval, according to Coinglass.
An analyst chart reveals that Dogecoin has defended the $0.208 level five times, and this area is a demand zone. If the bulls hold above, it could power a bounce toward higher levels like $0.22–$0.23. Assuming that support breaks, DOGE may slide to the next support zones around $0.20 or even $0.19–$0.21.
Will DOGE’s Price Find a New Floor?
The meme coin’s four-hour technical assessment reports that the Moving Average Convergence Divergence (MACD) line is stationed below the signal line, and both are below the zero line. This bearish crossover indicates a strong downward pressure. Unless a reversal occurs, the downtrend may continue.
Besides, the Chaikin Money Flow (CMF) indicator of DOGE is found at 0.20, which suggests moderate buying pressure in the market, but the momentum is not extremely strong yet. As the value is above 0, the money is flowing into the asset. Also, it is a healthy demand supporting price movement.
With DOGE’s ongoing downtrend, the price could slip and test the $0.2133 support. Assuming the correction on the downside strengthens, it might invite additional losses and initiate the death cross to unfold. The bears would take the price to the $0.2127 level or even lower.
Contrarily, a bullish shift could likely nullify the meme coin’s recent downtrend. The price might climb and find the nearby resistance range at $0.2145. A further extended upside correction likely triggers the golden cross to show up, and sends the price up above $0.2151.
DOGE’s daily Relative Strength Index (RSI) value of 45.14 implies that the current sentiment is neutral to slightly bearish. This shows neither strong buying nor strong selling momentum, a period of consolidation or mild downtrend. Moreover, the Bull Bear Power (BBP) reading of the meme coin settled at -0.00250, signalling a mild bearish market tone as the value is negative. If it rises toward positive, the bulls may be regaining control.
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