DOE has recently fallen to 8th place on CoinMarketCap's list of the largest cryptocurrencies by market value.After a recent surge of over 25%, counterfeit coins fell by 6
- DOE has recently fallen to 8th place on CoinMarketCap's list of the largest cryptocurrencies by market value.
- After a recent surge of over 25%, counterfeit coins fell by 6.55% within 24 hours.
- If the history of meme coins repeats, another leg may appear after this correction.
After being idle for 9.3 years, a dormant address holding 1215614DOGE ($116460) was activated, causing a sensation within the Dogcoin community. This coincides with the recent global surge in Google's search volume for Dogcoin, with search volume increasing by nearly 2000% since Tesla CEO Elon Musk replaced Twitter's bird logo with images related to Dogcoin. Therefore, over the past week, there has been a significant increase in interest in meme based cryptocurrencies, with search terms such as "buy dog coins" and "buy dog coins" showing a significant increase.
Current market position of Dogcoin
In terms of market value, DOGE is currently the 8th largest project, as ADA has regained 7th place on the list. This occurred after the price of DOGE fell by 6.55% in the past 24 hours. The 24-hour loss also affected the market value of DOGE - as of the time of publication, the estimated market value of meme coins had dropped to $12.731 billion.
The weekly price performance of DOGE remains green, but at+21.99%. Therefore, according to CoinMarketCap data, as of the time of publication, the current selling price of DOGE is $0.09152.
Compared to the market leaders Bitcoin (BTC) and Ethereum (ETH), DOGE also fell by 4.70% and 5.31%, respectively.
The daily trading volume of DOGE has also decreased by 49.97% in the past 24 hours. This reduced the daily trading volume of DOGE to $1349225877.
Overview of Dog Coin Technology
The price of DOGE has fallen below the 9 and 20EMA lines on its 4-hour chart in the past 24 hours. In addition, after the price of DOGE reached a lower high, a bearish downward triangle chart pattern was also formed on the 4-hour chart of counterfeit coins. This indicates that the price of DOGE will continue to decline in the next 24 hours.
The RSI line on the DOGE4 hour chart also plummeted below the RSISMA line during the recent correction period, currently in a neutral region. However, the negative slope of the RSI line indicates that the next 24 hours are not favorable for DOGE bulls, and DOGE's price correction may continue.
The key level that traders and investors should pay attention to is the support level of $0.08960. If the price of DOE falls below this level within the next 24 hours, the price of meme coins may drop to $0.08560 within the next 48 hours.
However, there is still a possibility that the price of DOGE may rebound to another wave of upward trend. An example of this happening recently was on Monday afternoon, when 9EMA was set to fall below the 20EMA line on the 4-hour chart, but then underwent a sharp shift as the price of DOGE surged by over 25%.
The price of DOGE has been on a downward trend for the past three days, which may only be a correction before another wave of increase. The suggestion that DOGE has reached this corrected low point is the buying support that drives today's daily candle increase, as seen in the wick below the daily candle at the time of publication.
The relative positions of the 9-day and 20-day EMA lines indicate that the price of DOGE is still in a long cycle, with shorter EMAs trading above the longer EMA line. However, the daily RSI indicator supports the more bearish outlook of DOGE in the next 24 to 48 hours.
At present, the daily RSI line is negatively skewed towards oversold areas, which is a bearish signal. However, due to the daily RSI line still being higher than the RSISMA line at the time of publication, this bearish sentiment has weakened. Due to the fact that the RSI line is currently in a slightly overbought area, there is still room for price increases in DOGE within the next 24 hours.
If the price of DOGE rises within the next 24 to 48 hours, the upward target will be $0.9630, which is the next major resistance level for counterfeit currency prices.
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