- Dogecoin records over 2% decline amidst negative cryptocurrency market.
- DOGE’s weekly performance decreases by 5.25% with significant drop in trading volume.
- Technical indicators suggest potential continuation of DOGE’s price decline.
Following a tumultuous week for the cryptocurrency market, numerous digital assets were trading in today’s negative territory, per CoinMarketCap. Even Dogecoin (DOGE) was not immune to the impact and recorded a decline of over 2% at the reporting time.
The meme coin’s current valuation is approximately $0.06779, hovering closer to its daily low of $0.06688 than its 24-hour high of $0.06949. In addition, DOGE experienced a slight decline of 0.85% against Bitcoin (BTC) and 0.51% against Ethereum (ETH) over the past 24 hours.
In addition, the value of DOGE experienced a decline, resulting in a weekly performance that was further in the negative territory, with a decrease of 5.25%. Additionally, the cryptocurrency’s trading volume within 24 hours witnessed a significant drop of over 35%, leaving it with a standing value of $263,297,868 at the time of writing.
DOGE’s price has experienced a technical setback, falling below the crucial support level of $0.070461 on Monday. As of now, it continues to trade at that level. Following the breach, the meme coin’s value has retraced slightly above the subsequent support level of $0.066663.
Based on the technical indicators observed on DOGE’s daily chart, the cryptocurrency’s price is poised to experience a downward trend over the next 24-48 hours. Specifically, the 9-day EMA line is below the 20-day EMA line, signaling a short-term bearish cycle and a potential continuation of the price decline. These indicators provide valuable insights for investors and traders looking to make informed decisions in the volatile world of cryptocurrency.
Furthermore, it is worth noting that the daily Relative Strength Index (RSI) line has recently exhibited a bearish crossover below the daily RSI Simple Moving Average (SMA) line. This development has led to the RSI line entering oversold territory at the time of writing.
If these bearish technical flags are confirmed, DOGE’s price may dip below the mentioned support level of $0.066663 within 24 hours. Conversely, if DOGE manages to close the next two daily trading sessions above this level, it could pave the way for a climb back up to $0.070461 in the coming days. These are important factors for those closely monitoring DOGE’s price movements.
Disclaimer: The insights, perspectives, and data presented in this price analysis are published in good faith. Readers must conduct their own research due diligence. Any decision made by the reader is solely their responsibility, and Crypto Outlooks shall not be held responsible for any consequential or incidental harm or loss.
