Dogecoin (DOGE) is experiencing a correction phase after a significant rise, with over 53% gains in the third quarter.
Current Metrics of Dogecoin
Dogecoin has recorded an RSI value of 80.56, indicating overbought conditions. At these levels, assets often face selling pressure due to potential profit-taking by investors.
Price Dynamics and Trading Volume
In the past day, DOGE price declined by approximately 4%, reaching $0.2644 after hitting a recent peak of $0.2868. Trading volume has increased by 3.4% to $6.35 billion, yet investors remain cautious due to the overall trend in the crypto market.
Market Outlook and Impact on Dogecoin
The adjusted price of DOGE sits near the upper Bollinger Band, suggesting high volatility. The crypto market as a whole is showing negative trends, with Bitcoin down 0.8%, which also puts pressure on Dogecoin. Despite the current pullback, DOGE remains up over 70% over the last 30 days.
The correction of Dogecoin could affect its future prospects. If market conditions do not change, this may slow down or halt the upward trend that began in June.
