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Dogecoin (DOGE) has been through severe price swings in the last trading sessions, and it is currently changing hands at $0.1213, reflecting a 3.09% drop within the past 24 hours. The trading volume, which was around $732,519,163 before that decline, had slid down by 11.07%. This bearish action happens amidst an overall market consolidation phase where meme coins have remained range-bound showing possibilities of an impending squeeze on some tokens.
Upon finding support at the $0.10 level again and bouncing back, Dogecoin gave signs of possibly being in a fresh upward trend. Nevertheless, its inability to close above the previous peak resistance at $0.127 raised concerns about subsequent price movements. This loss marks DOGE’s failure to maintain recent gains making it more likely there might be further bearish moves.
DOGE is struggling to keep the support zone at $0.10 intact. The price consolidated just below the resistance level of 0.1274 throughout June’s second half resulting in a 20 percent pullback. A similar consolidation is occurring now; hence we may expect similar outcomes later.
The inability to sustain levels above $0.1274 raises fears for future price developments. If this resistance is not broken anytime soon, then DOGE might experience another major sell-off. On the other hand, breaking through this resistance indicates the beginning of a new bullish phase.
The current RSI of Dogecoin reads 51.64; thus suggesting neutrality with a slight bias toward selling pressure.RSI position implies that DOGE has not yet become oversold but approaching a crucial point. A further decrease could send RSI into a bearish zone and generate more sell-offs.
Furthermore, the MACD line lies below the signal line indicating buyers’ momentum fading away. This bearish crossover suggests that the current downward trend may continue if market conditions do not change. The bearish attitude of MACD suggests the likelihood of further declines.
The price of Dogecoin is declining despite a milestone as the number of wallets holding it passed 90 million during a broader recovery for crypto markets that saw it gain 15% in one week. This event coincides with renewed cryptocurrency interest across the wider cryptocurrency market, and some analysts have argued that this increase in addresses could cause DOGE prices to hit $1 by year’s end.
According to data from on-chain analytics firm IntoTheBlock cited by Bitcoinist, there are now 90 million wallet addresses holding onto the popular meme coin, although it’s worth noting that one wallet doesn’t necessarily mean one user. People can generate multiple DOGE wallets but some trade DOGE through exchanges hence they can own DOGE wallets themselves.
