Dogecoin has shown a significant 6% drop, now trading at $0.3168. Its market cap stands at $46.68 billion. Despite reduced activity, Dogecoin remains among the top cryptocurrencies by market cap.
Current Dogecoin Rate
Dogecoin (DOGE) has dropped by 6% and is currently trading at $0.3168. It holds a market cap of $46.68 billion, reflecting a 4.37% decrease over the past 24 hours. Trading volume has fallen by 27.13% to $2.48 billion, with the volume-to-market-cap ratio dropping to 5.35%.
Technical Analysis of DOGE
DOGE's current support is at $0.31. If breached, the price may drop to $0.28. Resistance lies at $0.34, and breaking this could allow for growth to $0.37. The Relative Strength Index is at 37.96, indicating oversold conditions, though the average of 42.93 reflects weak buying pressure. Moving averages show a bearish outlook: the 9-day MA is $0.32637, while the 21-day MA is $0.37758, signaling potential further decline.
Cryptocurrency Outlook
Current price action for Dogecoin reflects bearish sentiment with no immediate recovery in sight. For signs of recovery, DOGE needs sustained demand and to break through resistance levels. Otherwise, selling pressure may persist.
Dogecoin faces challenges in breaching critical support and sustaining selling pressure. Investors are awaiting potential reversal with buying support.
