- DOGE is currently hovering at $0.1981.
- The market has seen about $12.88M in liquidations.
The overall crypto market is sleeping red, with fear sentiment lingering across the assets, losing the positive traction. Following suit, the memecoin market cap has settled at around $63.8 billion, after losing over 4.6%. Among the tokens, the dog-themed Dogecoin (DOGE) has posted a 2.88% loss in the last 24 hours.
DOGE’s current trading pattern gives a negative outlook, and if it continues to move downward, the price action weakens, and the bears may gain more power. The memecoin opened the day trading at a high range of $0.2042. With the potential bearish encounter, the price has fallen back to a bottom of $0.1919.
At press time, Dogecoin traded at around the $0.1981 mark, with the market cap positioning at $29.99 billion. Notably, the daily trading volume has dropped 12.12%, reaching the $3.04 billion level. In addition, the market has seen a 24-hour liquidation of $12.88 million worth of DOGE, as per Coinglass data .
The Ali chart reports that DOGE’s $0.19 is a key support zone. If the asset holds above it, sellers may lose control, and bulls could push higher. Assuming that the range cracks, the downward risk increases. Also, $0.33 becomes the resistance in a bullish scenario. A climb toward that level would require strong momentum.
Can Dogecoin Price Bounce Back Stronger?
As the market sentiment of DOGE is bearish, the price could slip toward the $0.1971 range. Losing this crucial support might trigger additional losses, and the death cross to unfold. If the memecoin reverses the momentum, the DOGE price could climb and reclaim the nearby $0.1991 level. A breakout past this range may push for the emergence of the golden cross and more gains.
DOGE chart (Source: TradingView )
The Moving Average Convergence Divergence (MACD) line and the signal line of DOGE resting below the zero line indicate strong bearish momentum. The price is moving down and is being cautious. Besides, the Chaikin Money Flow (CMF) indicator at -0.04 suggests selling pressure in the DOGE market, but not very strong. Notably, the money is flowing out of the asset.
DOGE’s Bull Bear Power (BBP) at -0.00543 signals a slight bearish dominance in the market. The value is close to zero; it is almost neutral, with only minimal downward pressure . Moreover, the meme coin’s daily Relative Strength Index (RSI) is found at 39.74, signalling its mild to moderate bearish sentiment. The asset is not yet oversold, so there is still room for further downside.
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