- DOGE is trading within the $0.2473 range.
- The meme coin has seen a 24-hour liquidation of $9.25 million.
The crypto market remains under selling pressure, with Bitcoin (BTC) stuck at $95K, while Ethereum (ETH) hovers around $2.6K. Meanwhile, the meme coin market cap has sunk to $73.4 billion, and the dog-themed Dogecoin (DOGE) has slipped by 1.92%.
Market analysts anticipate new highs for DOGE with the emergence of a bullish price pattern. The meme coin opened the day trading at $0.2509. As hours passed by, bears took control, and the price plummeted to a low of $0.2395 from $0.2612.
At the time of writing, DOGE traded at $0.2473, with the market cap staying at $36.58 billion. Furthermore, the daily trading volume of the meme coin has reached $1.9 billion. Besides, the market observed a liquidation of $9.25 million worth of DOGE during this timeframe.
On the other hand, Dogecoin has tumbled by about 23.72% over the last seven days. The weekly low of the meme coin was formed at $0.2223, falling from a peak of $0.2985.
Will DOGE’s Momentum Take a Bullish Turn?
The meme coin’s Moving Average Convergence Divergence (MACD) line and signal line have crossed below the zero line. This crossover indicates a shift into bearish territory and the downside momentum is strengthening, with increased selling pressure.
In addition, the Chaikin Money Flow (CMF) indicator settled at -0.08 suggesting a negative money flow and a mild selling pressure in the market, that the outflows slightly outweigh inflows. Meanwhile, DOGE’s daily trading volume has dropped by over 4.51%.
The overall sentiment is bearish and if the meme coin fails to hold above the $0.25 mark, the DOGE price might retrace toward $0.2346. Should the bulls fail to defend this crucial level, the meme coin’s price could fall even lower.
Contrarily, a bounce back of DOGE price could debunk the in-progress bearish trend. The meme coin could attempt to reclaim the $0.30 level. A breakout above this range could push to bring in a retest at $0.34.
Moreover, the daily chart reveals the meme coin’s 9-day moving average slipping below the 21-day moving average. Also, the meme coin’s daily relative strength index (RSI) at 30.68 infers the nearing of oversold territory.
Disclaimer: The opinion expressed in this article is solely the author’s. It does not represent any investment advice. TheNewsCrypto team encourages all to do their own research before investing.
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