Doge is currently trading at $0.22, recording a loss of over 8%.
The market recorded liquidations totaling $35.73 million.
After a 3.43% decline in the cryptocurrency market, most assets are experiencing negative trading. With the Fear and Greed Index stabilizing at 59, the overall sentiment in the market remains neutral. Major assets, such as Bitcoin (BTC) and Ethereum (ETH), are hovering in a downward trend, losing momentum and retreating to their recent lows.
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The market cap of the meme coin reached $77.1 billion, after a decline of over 7.1% in the last 24 hours. Among them, Doge, with the dog-themed character, recorded a loss of 8.88%. In the early hours of trading, the meme coin's price was $0.2484, but the price later dropped, continuing the downward pressure, to a low of $0.2181. At the time of writing this report, the price of Doge was trading at $0.2281.$SOL
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With a market cap of $34.39 billion, the daily trading volume of the meme coin has increased by over 14.21%, reaching a range of $5.03 billion. Coinglass data shows that the market saw a liquidation of $35.73 million from DOGE during this period.
Are the optimists losing faith in DOGE?
The current price pattern of Doge indicates negative expectations, with a likelihood of price decline and testing the support level at $0.2287. Upon losing this level, the meme coin could accelerate its downward trend, suggesting a death cross may occur, with subsequent support at around $0.2281.
On the other hand, a positive shift would negate the ongoing downward momentum. A breakout above the $0.2299 level is likely to push Doge's price higher and trigger a golden cross. This could open the door for further gains, targeting the resistance level at $0.2305.
The Moving Average Convergence Divergence (MACD) line for the meme coin is below the zero line, and the signal line above the MACD line indicates overall weak momentum. This crossover suggests that Doge's price is losing strength and may continue to decline.
Additionally, the Chaikin Money Flow (CMF) indicator for Doge, at 0.16, indicates that the value is moderately strong and buying pressure is dominant in the market. The money flow into the asset shows accumulation rather than distribution.
Furthermore, the daily Relative Strength Index (RSI) value of 45.59 indicates that it is slightly below the neutral zone. This downward momentum is not strong enough to confirm an oversold condition, but it is in a balanced area. The reading of the Bullish Bear Power (BBP) for Doge is -0.00555, indicating that bears have a moderate control, with the price trading below it.