The memecoin market is currently valued at $55.36 billion with a change of -1.94% in the past 24 hours. Moreover, with a decrease of 13.30%, the memecoin segment recorded a trading volume of $4.83 billion. Subsequently, the price of Dogecoin has shown similar action, losing 1.53% overnight in its portfolio.
With this, the meme coin DOGE is currently trading at a 75.95% discount compared to its all-time high (ATH) of $0.7376. Subsequently, investors are concerned about the short-term price outlook of the largest memecoin. In this article, we will explore market sentiment and predict the potential price of Dogecoin.
The price of DOGE is showing sideways action this week.
In the past 24 hours, the memecoin Dogecoin has decreased by about 2% with a trading volume of $612.49 million, changing -41.19%. Furthermore, with a market capitalization of $26.44 billion, its market dominance has decreased to 0.8898%.
The SMA technical indicator recorded a bearish convergence in the daily timeframe. This highlights the increasing selling pressure on the largest memecoin in the cryptocurrency space.
On the other hand, the Moving Average Convergence Divergence (MACD) shows a neutral trend. However, the 12-day and 26-day moving averages recorded a continuous increase in the Dogecoin price chart, indicating increased volatility in the near future.
Will the price of Dogecoin recover soon?
If the cryptocurrency bulls take control, the price of the Dogecoin token could retest the immediate resistance level of $0.20. Moreover, if market sentiment becomes more bullish, this could lead it to aim for a higher price target of $0.243 this month.
However, if the bearish side dominates the market, the price of DOGE could drop to a critical support level of $0.1645. Furthermore, if the bullish side fails to maintain upward momentum at that time, the price could decrease to a critical support level of $0.12975 in the coming week.