Dogecoin Price Analysis: Reasons DOGE Sell-Off Below $0.1 Imminent

Dogecoin price forecast: DOGE sees a notable decline following market corrections, influenced by whales transferring the token to exchanges and broader bearish crypto trends impacting.
By Coingape Staff
Updated October 10, 2024
Dogecoin Price Prediction: Can DOGE Reach New Heights or Is a Drop Inevitable?

Highlights

  • Dogecoin's recent transactions hint at potential major sell-offs on trading platforms.
  • DOGE market struggles reflect broader cryptocurrency downturns, influencing its trading volume.
  • Technical indicators suggest a bearish momentum for Dogecoin.

Dogecoin price analysis: DOGE, a leading meme coin, has experienced a fluctuation in price over the past 24 hours following market corrections. According to CoinMarketCap data. Dogecoin price is trading at $0.1244, with a slight dip of 3% during US business hours on Friday.

The cryptocurrency’s market capitalization has also decreased, now sitting at approximately $18 billion, marking a 3% fall. Despite the day’s volatility, trading volumes have remained relatively stable, totaling around $653 million over the last 24 hours.

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Dogecoin Price Analysis: Is a Recovery Possible with Current Bearish Sentiment?

The leading meme coin Dogecoin recently witnessed a significant decline, failing to surpass the resistance level at $0.13. This downturn mirrors trends seen in larger cryptocurrencies such as Bitcoin and Ethereum, with SOL also reversing its gains, impacting the broader meme coin sector.

Dogecoin Price Forecast: Is $0.1 the Next Stop Amid Market Sell-Off?
Dogecoin Price Forecast

In the last month, Dogecoin price dropped by 24% after it fell below the crucial $0.17 mark in early June. This downturn has intensified bearish outlooks, with sellers actively pushing the price lower. Over the past week, the Meme coin has been trading between $0.14 and $0.12, reflecting ongoing market volatility.

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Whale Transactions Influence the Dogecoin Market

According to Whale Alert, a significant movement of Dogecoin was detected. 86,388,901 DOGE, valued at approximately $10,630,833, was transferred from an unknown wallet to the popular trading platform Robinhood. 

This substantial transaction has raised eyebrows in the cryptocurrency community, as large transfers to exchanges can sometimes indicate a potential sell-off by major holders.

With the current market corrections, a slide under the $0.12 mark could push the Dogecoin price prediction down to its $0.11 support. Further negative shifts in market sentiment may pull DOGE down to a $0.1 threshold. 

Conversely, a renewed positive trend might lift Dogecoin above $0.13. Reaching this level could set the stage for a climb to the $0.2 barrier. Surpassing the $0.3 mark could alter its standard trading pattern, potentially setting sights on a $0.5 high.

The daily chart for Dogecoin price shows a volatile trading pattern, with notable fluctuations. The Moving Average Convergence Divergence (MACD) is trending downwards, indicating a bearish momentum as the MACD line is below the signal line. 

Dogecoin Price Forecast: Is $0.1 the Next Stop Amid Market Sell-Off?
Dogecoin Price Forecast| Source: Tradingview

Additionally, the Relative Strength Index (RSI) stands at 32, which suggests that the asset might be approaching oversold territory.  The Average Directional Index (ADX) is currently at 34.68, suggesting a relatively strong directional movement. The Awesome Oscillator (AO) presents a value of -0.025, hinting at potential bearish momentum in the near future.

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Coingape Staff
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