The cryptocurrency market is experiencing volatility between gains and losses, amidst a general sense of neutrality reflected in the fear and greed index, which stabilized at a level of 53. Nevertheless, the market cap of meme coins has declined to $73.2 billion after a loss of 5.8%.
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$DOGE
And $XRP
For Dogecoin (DOGE), it experienced a decline of 1.21%. According to CoinMarketCap data, DOGE traded in the early hours near the level of $0.2269, before the price gradually retraced to a low of $0.2153.
Currently, DOGE is trading at $0.2211, with a market cap of $33.17 billion, and a daily trading volume of $2.78 billion, down by 13.14%. During this period, liquidations of $11.83 million of DOGE were recorded, emphasizing market volatility.
Chart Patterns: The symmetrical triangle asserts itself
The chart shows that DOGE is consolidating within a symmetrical triangle pattern characterized by converging highs and lows, indicating increasing price pressure. This pattern typically precedes sharp movements that could reach 40%, either upwards or downwards, depending on the strength of the upcoming trend.
Technical Signals: A tendency towards weakness
MACD Indicator: The main line fell below the signal line, reflecting an accumulation of negative momentum. Importantly, both indicators are below the zero line, confirming the continuation of the downward trend.
Chaikin Money Flow (CMF) Indicator: Recorded a value of -0.04, close to the neutral zone, indicating light selling pressure closer to moderate distribution rather than intense selling.
RSI Indicator: Reached 41.79 points, indicating relative weakness and downward momentum, but has not yet entered the oversold area.
Bull Bear Power (BBP) Indicator: Recorded -0.00626, a slight negative level reflecting limited dominance of sellers.
Key Support and Resistance Levels
As the correction continues, the price approaches support at $0.2205. Breaking this level could open the door for further decline towards $0.2199, with the possibility of a Death Cross forming, pushing prices further down.
Conversely, if buyers manage to regain control, the price may test resistance at $0.2217. Surpassing this level will enhance the chances of a Golden Cross formation, which could drive DOGE towards $0.2223 or higher levels.
Summary
Dogecoin is moving in a sensitive area dominated by caution, as the chart shows signs of pressure that could end in a significant price explosion. Although technical indicators suggest a slight dominance of sellers, the absence of strong momentum on either side makes any news or market movement a decisive factor for the upcoming trend.