In recent weeks, the price trend of dog coins has shown a downward trend, largely due to the emergence of PEPE coins, which has overshadowed their popularity. In the past 24 hours, the increase in DOGE has been limited, with only 1% increase
In recent weeks, the price trend of dog coins has shown a downward trend, largely due to the emergence of PEPE coins, which has overshadowed their popularity. In the past 24 hours, the increase in DOGE has been limited, with only 1% increase. The significant drop in the price of meme coin indicates a widespread bearish control.
The technological prospects of dog coins indicate that bears are currently affecting their prices. Both demand and accumulation have decreased, indicating a decrease in purchasing activity.
In addition, rejecting Bitcoin at a price of $27000 has harmed major counterfeit currencies, including Dog Coin, causing their respective charts to decline.
In order to maintain the dog coin above its immediate support position, it needs to restore purchasing power. If it does not do so and loses its current level of support, it may experience another significant decline before any signs of recovery appear. In addition, the decline in the market value of Dogcoin further indicates that purchasing power is weakening at the time of writing this article.
Price Analysis of Dog Coin: One Day Chart
As of the writing of this article, the trading price of Dogcoin (DOGE) is $0.070. After being rejected at $0.076, meme coin has been working hard to recover and bulls are unable to gain momentum. The current upward resistance of DOGE is $0.073. If it breaks through this level, it may push meme coin up to $0.078.
However, if the price drops from the current level, it may reach $0.068 and may further drop to $0.066, resulting in a nearly 6% decrease in value. On the previous trading day, the trading volume of DOGE showed a red signal, indicating increasing selling pressure.
technical analysis
For most of the month, the demand for memes remained low. This can be clearly seen from the fact that the Relative strength index (RSI) remains below 40 and close to 30, indicating that it is oversold.
In addition, the price of the asset has been below 20 simple moving averages, indicating that the seller is the driving force behind the market price momentum.
Throughout the month, DOGE lacked positive demand, and its chart showed selling signals. The moving average convergence divergence (MACD) indicating price momentum and reversal forms a red histogram below the half line.
This indicates a sell signal, indicating that prices may fall during the upcoming trading period. The Bollinger band index has expanded in terms of price fluctuations and volatility, indicating that DOGE may experience price fluctuations in the next trading period. The short-term recovery of dog currency largely depends on the strength of the market.
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