- DOGE has dropped 8% to $0.1981.
- The market faced $12.60 million in DOGE liquidations.
Bitcoin tumbled back to $87.7K, while Ethereum stabilized around $2.1K as the crypto market extended its decline. Meanwhile, the dog-themed Dogecoin (DOGE) took a hit, shedding over 8% in the last 24 hours.
DOGE’s trading pattern shows a blend of bullish and bearish signals. The meme coin opened the day trading at a high of $0.2192. As bears took charge, the price slipped to a low of $0.1915.
At the time of writing, Dogecoin traded at $0.1981, with the market cap staying at $29.44 billion. The daily trading volume of the meme coin has reached $1.98 billion. In addition, the market observed a liquidation of $12.60 million worth of DOGE during this timeframe.
Furthermore, Dogecoin has spiked by around 6.29% over the last week. The weekly high of the meme coin was formed at the $0.2412 level from a low trading point of $0.1832.
Will DOGE Regain its Bullish Momentum?
As DOGE’s market sentiment is bearish, the meme coin fails to hold above $0.20. On a highly bearish turn, the price could slip toward the $0.1890 range. Losing this crucial support might open the door for deeper declines.
Assuming DOGE recoups the losses, the price could disrupt the active downtrend and the meme coin will attempt to reclaim the $0.2586 level. A breakout past this range could pave the way for the asset to retest the $0.31 resistance.
The Moving Average Convergence Divergence (MACD) line and signal line of DOGE have crossed below the zero line. This indicates a strong bearish crossover. Traders consider that this downtrend may remain intact.
Besides, the Chaikin Money Flow (CMF) indicator positioned at -0.06 suggests mild selling pressure with more outflows than inflows. Further drops could strengthen the bears. Meanwhile, DOGE’s trading volume has surged by 41.21%.
DOGE’s Bull Bear Power (BBP) value at -0.0093 signals a slight bearish dominance. Moreover, the meme coin’s daily relative strength index (RSI) settled at 44.25 infers a leaning toward bearish territory but is not yet oversold.
