DOGE Price Decline: Will Bears Push Further Down or Will Bulls Regain Control?

In recent trading, Dogecoin (DOGE) has faced a significant decline, slipping from an early high of $0.1249 to a low of $0.1225. This bearish trend raises questions about whether the price will continue to drop or if bulls will manage to take back control. With a current price of $0.1231 and a market cap of $20.65 billion, traders are closely monitoring the indicators.

Key Takeaways

Dogecoin's price has fallen from $0.1249 to a low of $0.1225.
As of now, DOGE is trading at $0.1231 with a market cap of $20.65 billion and a daily trading volume of $703.65 million, down 21.43%.
Technical indicators show bearish market momentum, but buying pressure is also present.
Future price movements could lead DOGE to test support at $0.1221 or resistance at $0.1241.

Current Market Situation

In the early trading hours, Dogecoin, the popular meme-based cryptocurrency, started at a peak of $0.1249. However, due to market fluctuations and a bearish shift, its price drifted down to a low of $0.1225. If current bear forces persist, we may witness further declines in DOGE's price.

As of the latest update, DOGE is priced at $0.1231, boasting a market cap of $20.65 billion. Interestingly, the trading volume has dropped significantly, by more than 21.43%, now standing at $703.65 million. According to data from Coinglass, there has been a liquidation of $611.72 worth of DOGE during the past 24 hours.

Will DOGE Experience a Bounce or Continued Drop?

The bearish outlook for DOGE is supported by the Moving Average Convergence Divergence (MACD) and the associated signal lines, which are both below the zero line, indicating bearish momentum. As long as this trend continues, the market may remain in a downward trajectory.

DOGE chart (Source: TradingView)

On a more optimistic note, the Chaikin Money Flow (CMF) indicator has a reading of 0.14, pointing towards notable buying pressure in the Dogecoin market. This suggests that funds are entering the asset to bolster accumulation, which could support a future uptrend.

The Bull Bear Power (BBP) measurement of -0.00065 indicates that while bears currently hold a slight edge, the overall market remains nearly balanced, with only a slight bearish tilt. Furthermore, the daily Relative Strength Index (RSI) is at 44.06, indicating that DOGE is in a neutral to slightly bearish range, with selling slightly overshadowing buying.

Price Predictions

The price chart suggests that DOGE might drop towards the support level around $0.1221. If it breaks below this range, a deeper correction may ensue, potentially driving the price down to below $0.1210. On the other hand, if there’s a recovery, DOGE could attempt to rebound and reclaim the resistance level at $0.1241. Should bullish momentum strengthen, it could propel the price above $0.1251.

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