DOGE is trading at a level of $0.21.
Trading volume has increased by over 84%.
With a rise of 2.19%, the broader cryptocurrency market reached $3.81 trillion. Notably, market sentiment has entered a state of fear, with the fear and greed index stabilizing at 39. There is a divergence in the market, with some tokens rising while others are losing momentum. Meanwhile, the market capitalization of the meme coin is $71 billion.
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Among them, Dogecoin (DOGE), which features the dog logo, recorded a rise of 1.79%. The meme coin was trading at its highest level of $0.2196 in the early hours of trading. Eventually, the price turned bearish and reached a low of $0.2055. According to CMC data, at the time of writing this report, the price of Dogecoin was trading at $0.2139.
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The market capitalization of the meme coin reached $32.25 billion, with daily trading volume rising by over 84.51% to $2.5 billion. Notably, the market experienced a liquidation of Dogecoin worth $10.43 million during this period, according to CoinGlass.
An analytical chart shows that Dogecoin has maintained a level of $0.208 five times, and this area represents a demand zone. If the optimists maintain this level, it could trigger a rebound towards higher levels such as $0.22-$0.23. Assuming a break below this support level, Dogecoin may slide to the next support areas around $0.20 or even $0.19-$0.21.
Will the price of DOGE reach a new level?
The technical evaluation of the meme coin over four hours indicates that the Moving Average Convergence Divergence (MACD) line is below the signal line, both below the zero line. This bearish crossover indicates strong downward pressure. Unless a reversal occurs, the downtrend may continue.
DOGE chart (Source: TradingView)
Furthermore, the Chaikin Money Flow (CMF) indicator for DOGE is at 0.20, indicating moderate buying pressure in the market, though momentum is not very strong yet. Since the value is above 0, money is flowing into the asset. Strong demand also supports price movement.
As the DOGE downtrend continues, the price may slide and test the support level at $0.2133. Assuming that the downward correction gains strength, it could lead to further losses and the emergence of a death cross. Bears will push the price down to $0.2127 or lower.
In contrast, a bullish shift is likely to negate the recent downtrend of the meme coin. The price may rise and find nearby resistance around $0.2145. Any extended bullish correction is likely to lead to the appearance of a golden cross, pushing the price above $0.2151.
DOGE chart (Source: TradingView)
The daily Relative Strength Index (RSI) value for DOGE, at 45.14, indicates that current trends are neutral to slightly bearish. This does not show strong momentum for buying or selling, or a period of stability or a slight downtrend. Furthermore, the Bull Bear Power (BBP) indicator for the meme coin stabilized at -0.00250, indicating a slight bearish trend in the market due to the lower value. If the indicator rises towards positivity, the bulls may regain control.