- DOGE is currently trading around $0.19.
- Daily trading activity has jumped by over 67%.
1.19% slip in the overall crypto market cap has brought a big red wave across the assets. All major token prices are revisiting the former support zones. Meanwhile, the meme coin market cap has reached $63.5 billion, after dropping 2.1%. The active bearish pressure has made the tokens bleed. Meanwhile, Dogecoin (DOGE), the dog-themed asset, has posted a 3.26% loss.
The only way to prevent further downside correction for Dogecoin, the bulls should gain enough traction on the upside. As per CoinMarketCap data, the asset has traded at $0.2029 in the early hours, and with the bears taking control, it made the price fall to its bottom level of $0.1912.
DOGE is currently trading at around $0.1941, with a market cap of $29.29 billion. Besides, the daily trading volume of the meme coin has surged by over 67.72%, reaching $2.78 billion. The Coinglass data has reported that the market has seen a 24-hour liquidation of $8.87 million worth of DOGE.
What Lies Ahead for DOGE’s Price?
The four-hour price chart exhibits a negative outlook, and the price is expected to fall to the $0.1933 range. With the stronger bearish correction, DOGE could trigger the death cross formation. The price might test the support below $0.1925. If the meme coin’s bullish pressure is activated, the price might climb to the resistance at the $0.1949 zone. Further upside correction could push the death cross out, driving the DOGE price up toward $0.1957 or even higher.
Additionally, the technical chart analysis reveals that the Moving Average Convergence Divergence (MACD) line of DOGE is below the zero line. It indicates that the market is in a bearish phase. But the signal line is above the zero line, which gives a brief bullish presence. DOGE’s Chaikin Money Flow (CMF) indicator is at -0.04, suggesting slight selling pressure in the market. Also, the money is flowing out of the asset, but since it is close to zero, the momentum is not strongly bearish.
DOGE’s daily Relative Strength Index (RSI) is positioned at 38.73 implies that the momentum is leaning toward the oversold zone, showing increasing bearish hold. The price could soon approach a potential reversal area if the value continues to drop to 30. Moreover, the Bull Bear Power (BBP) reading of DOGE at -0.00639 signals that the bears are currently dominant. As the value is close to zero, the market could shift direction soon.
Top Updated Crypto News
Solana (SOL) Battle: Will Bulls Charge Past $200 or Bears Hold the Line?
share
