DOGE Slides Over 4%: Is a Rebound Possible?

Dogecoin (DOGE) is currently trading around $0.1635. Daily trading volume has surged over 52%, despite a broader market downturn that has seen crypto assets experience sharp losses. The overall meme coin market cap has fallen by over 6.5%, reaching $49.4 billion. Dogecoin itself has dropped 4.69% during this period.

The day began with DOGE trading near $0.1681, peaking at approximately $0.1787 before falling to a low of $0.1624. At the time of writing, its market cap stands at $24.26 billion, with a daily trading volume of $1.9 billion. Liquidations of DOGE totaled $11.49 million.

Over the past seven days, DOGE has experienced a significant decline of over 17%, falling from around $0.19 to a weekly low of $0.1609.

Will DOGE's Decline Continue?

Technical indicators suggest bearish momentum. The Moving Average Convergence Divergence (MACD) line has crossed below the zero line, potentially signaling further price drops if it remains below zero. The Chaikin Money Flow (CMF) indicator sits at -0.03, indicating weak accumulation and a cautious market sentiment. However, the substantial increase in daily trading volume (over 52.61%) is noteworthy.

Failure to maintain a price above $0.17 could push DOGE towards $0.1537. Breaking below this support level could trigger a deeper correction. Conversely, a price recovery could aim for the $0.20 range, with a potential golden cross potentially driving a retest of the $0.2446 resistance level.

The Bull Bear Power (BBP) value of -0.0081 and a daily Relative Strength Index (RSI) of 40.30 both point towards a neutral-to-bearish market sentiment.

DODE chart (Source: TradingView)

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Tags: Cryptocurrency, DOGE, Dogecoin, Meme Coin