In recent hours, the cryptocurrency market has shown indecisiveness, especially among meme coins like Dogecoin. This article analyzes its current state.
Current Price and Liquidations of Dogecoin
As of the writing, Dogecoin (DOGE) was trading around $0.20, reflecting a decrease of 0.43% in the last 24 hours. The meme coin's market cap reached $30.22 billion, with daily trading volume dropping by 10.31% to $1.54 billion. Over the past day, $7.71 million worth of DOGE was liquidated.
Technical Analysis
Technical analysis of DOGE showed that the MACD line and signal line are below the zero line, indicating a bearish trend. The Chaikin Money Flow (CMF) indicator value at 0.03 suggests weak buying pressure in the market. The Relative Strength Index (RSI) at 47.55 indicates a neutral zone, slightly shifting toward bearish territory.
Future Price Predictions for Dogecoin
The four-hour price chart for DOGE indicates a potential drop to support at the $0.2006 range. If downside pressure persists, the meme coin may test the level below $0.1999. Conversely, if momentum shifts, the price may rise to resistance around $0.2018 subsequently.
The current situation in the Dogecoin market remains tense with potential for further price fluctuations. Investors should consider bearish indicators and anticipated market dynamics in the near future.
