Dogecoin Price Prediction: Dogecoin (DOGE), a leading meme coin, has experienced a notable decline over the past 24 hours amid a bearish trend. Currently, Dogecoin is trading at $0.1159, reflecting a sharp decrease of 7.30% during the European trading session. According to CoinMarketCap data, Dogecoin has dropped to ninth place in market capitalization, which has fallen by 7% to $17 billion. Meanwhile, trading volume has surged by 124% to around $724 million in the last 24 hours.
Dogecoin Price Prediction: Anticipating the Next Moves
The meme coin Dogecoin has been stabilizing over the past week, maintaining a price around the $0.12 mark. Since early June, the cryptocurrency has dropped 26% in value, falling below a key level at $0.16. This decline has led to a bearish outlook among traders, pushing the price down further. Over the past week, Dogecoin's trading range has been between $0.12 and $0.1180, reflecting broader market volatility influenced by Bitcoin's price drop below $63,000.
This downward trend is also highlighted by a 13% decrease in the daily number of active DOGE addresses conducting transactions, according to analytics firm Santiment. Additionally, data from IntoTheBlock shows a significant reduction in the volume of large Dogecoin transactions over the past 30 days, suggesting a potential retreat by major investors.
Technical Indicators Point to Continued Bearishness
Dogecoin is currently hovering near a critical support level. If this level is breached, DOGE could fall below $0.11, potentially targeting the $0.1 support zone. A further decline in market sentiment could push Dogecoin down to $0.09, signaling a market dominated by sellers.
On the other hand, a resurgence in bullish momentum could drive Dogecoin's price above the $0.12 mark. Surpassing this threshold could pave the way for a rise toward $0.15. If bullish pressure continues, breaking past $0.2 could significantly change its trading dynamics, with a potential peak at $0.3.
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.
Ethereum price dropped 5.9% in the past 24 hours to trade at $3,292 as the markets turned red today. Eth seems to be struggling more compared to other cryptocurrencies like Bitcoin whose price has gone down by 4.6% in the same period.
Bitcoin closed the day on Sunday at $63,154 but slid further downward in the early hours of Monday morning to trade around $61,355 at press time headed for its support at $60,000.
