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Highlights
- Dogecoin's trading volume surge hints at potential market reaction and adaptation.
- Increased sell-off risk if support levels break under bearish market pressure.
- Technical indicators suggest a bearish momentum for Dogecoin.
Dogecoin Price Prediction: DOGE, a leading meme coin, has experienced a significant downturn over the past 24 hours after the bearish trend. As of the time of the report, Dogecoin price is trading at $0.1159, with a strong decrease of 7.30% in the European trading session.
According to data from CoinMarketCap, Dogecoin now ranks ninth by market capitalization, which has also dipped by 7% to $17 billion. The trading volume substantially increased, up 124% to approximately $724 million over the last 24 hours.
Dogecoin Price Prediction: Anticipating the Next Moves
The meme coin Dogecoin has entered a phase of market stabilization over the last week, with its price orbiting the $0.12 mark. In recent times, specifically since early June, the cryptocurrency has seen a 26% reduction in value, breaching a critical level at $0.16.
This shift has contributed to a pessimistic sentiment among traders, resulting in a downward price action. During the past week, Dogecoin’s trading activity fluctuated between $0.12 and $0.1180, mirroring broader market volatility prompted by a decrease in Bitcoin price, now below $63,000.
This bearish trend is further evidenced by a 13% decrease in the daily count of active DOGE addresses engaging in transactions, as reported by analytics firm Santiment. Moreover, data from IntoTheBlock indicates a noticeable drop in the volume of large Dogecoin transactions within the last 30 days, signaling a potential pullback by major investors.
Technical Indicators Point to Continued Bearishness
Dogecoin is currently teetering on a pivotal support level. If this level breaks, DOGE could push the price below $0.11. Such a move would likely target a descent to the $0.1 support area. A further souring in market sentiment could drag Dogecoin down to the $0.09 mark. This scenario would indicate a market heavily dominated by sellers.
Conversely, a revival in bullish forces might drive the Dogecoin price prediction above the $0.12 threshold. Crossing this barrier could set the stage for an ascent toward $0.15, and if bulls mount more pressure, Surpassing the $0.2 mark could alter its typical trading dynamics, potentially setting sights on a $0.3 peak.
The daily technical indicators for Dogecoin show that the cryptocurrency is in a downward trend. The Moving Average Convergence Divergence (MACD) shows a bearish signal. The MACD and signal lines trend below zero, generally indicating a selling opportunity. The Relative Strength Index (RSI) suggests that Dogecoin is entering oversold territory.
The Awesome Oscillator (AO) displayed a value of -0.02462, signaling potential bearish momentum as the red bars on the histogram extend below the zero line. The Average Directional Index (ADX) also stands at 39, suggesting a strong directional movement.
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