Dogecoin (DOGE) has taken bearish sentiment and stands at $0.1242 after a 7.04 percent decrease. This downturn comes amid a general market slump that is affecting other meme coins as well. The trading volume for Dogecoin has increased to $916 million,showing increasing market sentiment.
The broader crypto market is in correction mode with most meme coins losing value like Dogecoin, Shiba Inu, Pepe, and Bonk among others. This drop has seen it lose almost 6% of its share of the daily coin offering capitalization on this day which is marked by the collapse of almost 6% of all meme coin capitalizations.
Dogecoin Technical Analysis: DOGE’s Outlook Is Bearish
On its daily chart, Dogecoin shows a bearish outlook. At 50.14 RSI points show a neutral mood but could indicate an elongation of the decline if any momentum wanes out soon enough. The MACD line above the signal line indicates negative momentum in the MACD indicator thus pointing out that the bear trend will continue.
Now having broken below crucial support levels, price action ranges within an area that can test Fair Value Gap between $0.00001508 and $0.00001539 to absorb liquidity before possibly recovering from here up again. Therefore it becomes obvious that selling pressure continues while buying interest diminishes in the market.
Dogecoin has some key support around the $0.1200 level such that it once violated further declines towards $0.1150. For any upside ambitions to hold water though, DOGE must break through and stay above the immediate barrier at the $0.1300 mark meaning a temporary bullish revival signal is needed first. A wider market feeling plus external economic factors will determine what next happens with Dogecoin.
DOGE Market Insights by Ali Martinez
Ali Martinez, a reputable crypto analyst, has predicted that Dogecoin (DOGE) will initiate a significant bull run after it finishes consolidating. Through this recent bearish market, Martinez has been holding and buying more DOGE coins because he believes in the currency’s historic price patterns. He mentions a regular pattern that can be observed from 2015 to July 2024 whereby DOGE usually consolidates within a downward-sloping triangle before moving upwards by between 140% and 230%.
The last 24 hours have seen DOGE drop down to $0.1248 which resulted in a decrease of around 6.18% with the trading volume rising by 5.48% to reach $903.45 million. In his post, Martinez discourages panic selling instead urging people to patiently accumulate during this phase that seems like an opportunity for many investors. The analysis suggests that historical data implies that Dogecoin is almost on the verge of starting an intensive bullish run hence providing good grounds for possible gains.
If DOGE retains above support at $0.1200 there are chances of recovery which may reach even beyond $0.1300 immediately afterwards as well as after some time later on. Consequently, if bearish pressure remains persistent then it is likely that DOGE could test lower levels around $0.1150 or maybe even below.
