The memecoin market is currently valued at $55.36 billion with a change of -1.94% over the past 24 hours. Moreover, with a drop of 13.30%, the memecoin segment has recorded a trading volume of $4.83 billion.

Following this, Dogecoin price has displayed a similar action by losing 1.53% in its portfolio overnight. With this, the DOGE meme coin is currently trading at a discount of 75.95% from it’s all-time high (ATH) of $0.7376.

Following this, investors are concerned about the short-term price prospects of the largest memecoin. In this article, we will uncover the market sentiment and potential Dogecoin price prediction.

DOGE Price Displays A Sideways Action This Week

Over the past 24 hours, the Dogecoin memecoin has dropped approximately 2% with a trading volume of $612.49 million, a change of -41.19%. Moreover, with a market capitalization of $26.44 billion, its market dominance has dropped to 0.8898%.

The technical indicator SMA records a bearish convergence in the daily time frame. This highlights an increase in the selling pressure for the largest memecoin in the crypto space.

On the other hand, the Moving Average Convergence Divergence (MACD) displays a neutral trend. However, the 12 & 26-day averages record a constant rise in the Dogecoin price chart, suggesting increased volatility during the upcoming time.

Will Dogecoin Price See Revival Soon?

If the crypto bulls take charge, the price of Dogecoin token could retest its immediate resistance of $0.20. Moreover, if the bullish market sentiment intensifies, this could result in it heading toward its upper price target of $0.243 in this month.

However, if the bears dominate the market, the DOGE coin price may drop toward its important support level of $0.1645. Furthermore, if the bulls fail to sustain momentum at that point, it could plunge toward its crucial support level of $0.12975 during the upcoming week.