Bears in Control: Will DOGE Shift to a Bullish Trend Soon?

The popular dog-themed cryptocurrency DOGE has recently seen a decline of over 2.25%. After hitting a low of $0.1358, the price briefly increased to $0.1421. However, if bearish trends persist, DOGE may continue to face downward pressure. Currently trading around $0.1364 with a market cap of $22.91 billion, the current trading volume has surged significantly. Key indicators suggest a prevailing bearish market condition, and the sentiment surrounding DOGE remains negative.

Key Takeaways

DOGE has decreased by over 2.25% recently, trading at approximately $0.1364.
The market cap for DOGE is around $22.91 billion, with a notable increase in daily trading volume.
Key market indicators show bearish conditions, indicating potential resistance to upward movement.
Possible support levels exist around $0.1354 and $0.1344, while resistance may be found around $0.1374 and $0.1384.
Market sentiment for DOGE remains predominantly negative at this time.

Current Market Analysis

DOGE, the meme coin inspired by a popular internet dog, has recently experienced a decline of over 2.25%. Early in the day, it traded as low as $0.1358, but there was a momentary bullish rally that saw its price rise to a high of $0.1421. However, if the bearish sentiment continues, DOGE’s price may face further declines.

As of the last update, DOGE is trading within the $0.1364 range, boasting a market capitalization of $22.91 billion. Additionally, the daily trading volume has spiked by more than 181.12%, reaching approximately $1.29 billion. According to data from Coinglass, $5.80 million worth of DOGE was liquidated in the past 24 hours.

Is a Bullish Turn for DOGE Imminent?

The analysis of DOGE’s Moving Average Convergence Divergence (MACD) indicator, as well as its signal lines, shows that they are currently below the zero line, reflecting a bearish market condition. If the MACD shifts upwards, this may signal the beginning of a potential trend reversal.

The Chaikin Money Flow (CMF) indicator for DOGE is at -0.06, highlighting mild selling pressure, while capital is flowing out of the coin, indicating weak distribution rather than a strong decline.

DOGE chart (Source: TradingView)

Furthermore, the daily Relative Strength Index (RSI) is sitting at 37.49, suggesting that the momentum is leaning towards bearish to neutral. DOGE is nearing the oversold territory, where the downward momentum might start to slow down or stabilize. The Bull Bear Power (BBP) measure at -0.00371 indicates that the market is under weak bearish control. With current momentum being minimal, we see a near balance, lacking strong direction from either the bulls or bears.

The prevailing sentiment surrounding DOGE remains negative. Should the price lose its momentum, it might drop to the next support level at $0.1354. If the bearish trend continues to worsen, the price could further decline to approximately $0.1344. On the other hand, any rebound in the DOGE market could enable it to surpass the resistance level of $0.1374. A successful breakout could rally the bulls and might even lead to a retest around the $0.1384 mark.

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