- DOGE is holding near $0.23 after a 7% dip.
- Daily trading volume has surged over 74%.
The bearish hold has toughened, with the overall market cap falling back. All the crypto assets have lit the red candlesticks. Notably, the meme coin market cap has declined to $80 billion, following a 12.1% loss. The downturn has triggered the dog-themed meme coin, Dogecoin (DOGE), to tumble by over 7.21%.
In the early hours, DOGE traded at its high level of $0.2562, and with the bulls stepping back, the bears took charge, and they eventually pushed the price down to a bottom range of $0.2233. At the time of writing, the meme coin traded at the $0.2370 zone, with its market cap stationed at $35.62 billion, according to CMC data .
Meanwhile, the daily trading volume of DOGE has increased by over 74.01%, reaching the $5.5 billion mark. As reported by the CoinGlass data , the market has experienced a liquidation of $52.94 million worth of DOGE during this time frame, in the last 24 hours.
In the past 48 hours, whales have accumulated over 310 million Dogecoin. This follows a brief dip from profit-taking and buying the dip, possibly expecting further upside. The price has remained relatively strong during this accumulation.
What is Next on DOGE’s Roadmap?
Assuming DOGE’s bearish command acquires more strength, the price could slide deeply toward the initial support range at $0.2320. An extended downside correction might trigger the emergence of a death cross. The bears may push the meme coin to its former low of around $0.2314. On the recovery side, the asset could climb and test the nearby resistance at the $0.2332 level. If the bulls are mighty enough, they would initiate the golden cross to unfold, sending the DOGE price above $0.2338.
DOGE’s technical indicator, the Moving Average Convergence Divergence (MACD) line, is positioned below the zero line, but the signal line is above it. The market is in a transition phase, the momentum is shifting bearish, but has not confirmed a strong downtrend yet.
DOGE chart (Source: TradingView )
Besides, the Chaikin Money Flow (CMF) indicator of the meme coin is settled at -0.02, pointing to a slight selling pressure in the market. The value is near neutral but still slightly negative, suggesting that the capital is likely flowing out of the asset, a mild distribution.
Furthermore, the Bull Bear Power (BBP) reading of -0.03038 indicates that the bearish strength is weak, not a strong downtrend . Also, the price may struggle to move upward. The market momentum could shift both ways. The daily Relative Strength Index (RSI) of DOGE, found at 37.94, signals a bearish outlook in the market, which might reach the oversold zone if its value declines further below 30.
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