- DOGE is currently holding within the $0.12 range.
- The meme coin’s trading volume has surged by over 91%.
With the volatile market moving all ways, it is triggering sharp losses across the crypto assets. Worth noting that the fear sentiment is constant in the roller coaster ride. Meanwhile, the meme coin market cap has been settled at $42.70 billion. Among the meme coins, the dog-themed Dogecoin (DOGE) has been trading with a 0.97% spike.
In the morning hours, the meme coin traded at a bottom of $0.1228, and the price climbed toward a high range of $0.1278 with a brief bullish command in the DOGE market. Currently, DOGE is trading at $0.1250, with the trading volume increasing by over 91.16%, reaching $879.71 million. Besides, the DOGE market has seen a 24-hour liquidation of $2.63 million.
Zooming in on the seven-day price chart, the meme coin has lost over 6.60%. The week opened trading at around a high of $0.13. With the bearish shift, the DOGE price has plunged toward a low of $0.12 after a series of ups and downs.
Will DOGE Break Out of Its Downtrend?
DOGE’s technical analysis exhibited that the Moving Average Convergence Divergence (MACD) line is found above the signal line, but both remain below the zero line. It shows a trend reversal attempt within a broader downtrend. Moreover, the Chaikin Money Flow (CMF) indicator at 0.00 implies that both the buying and selling pressures are balanced. Also, there are no clear capital inflows or outflows, and the market may be in a consolidation phase.
The meme coin’s Bull Bear Power (BBP) value of 0.00167 indicates near-neutral market pressure. It reflects indecision, and the price direction may remain range-bound until stronger momentum emerges. In addition, DOGE’s daily Relative Strength Index (RSI) at 49.50 signals neutral momentum in the market. It suggests a balance between buying and selling pressure, with no clear directional bias yet.
If DOGE fails to hold above the $0.1261 level, the price could fall back to the crucial support at $0.1239.Losing this range might send the meme coin into deeper correction territory, along with the formation of the death cross. On the upside, upon a recovery of the meme coin, the price could attempt to climb toward $0.1269. With the emergence of a golden cross, the DOGE bulls would bring in a retest and send the price above the $0.1280 resistance.
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Source: https://thenewscrypto.com/doge-volume-erupts-90-can-it-turn-the-bearish-tide-into-a-bullish-run/
