- DOGE currently hovers at around the $0.22 mark.
- The meme coin saw a liquidation of $11.83 million.
Mixed sentiment in the crypto market has put the assets in swing between red and green charts. Notably, the market sentiment is in the neutral zone as the Fear and Greed Index stays at 53. Meanwhile, the meme coin market cap has reached $73.2 billion, after a 5.8% loss.
The leading dog-themed meme coin, Dogecoin (DOGE), has seen a drop of 1.21%. According to the CoinMarketCap data , in the early hours, DOGE traded in the high range of $0.2269. Eventually, with the meme coin bear entry, the price slipped toward the lowest price of $0.2153.
At the time of writing, DOGE traded within the $0.2211 range, with the market cap reaching $33.17 billion. Also, it is worth noting the daily trading volume of the meme coin at $2.78 billion, plunged by 13.14%. Furthermore, the market has faced a liquidation of $11.83 million worth of DOGE during this timeframe.
Dogecoin is coiling inside a symmetrical triangle, defined by tightening highs and lows, indicating compression and building tension in price action. This formation precedes a sharp breakout, projecting a potential 40% move, either up or down.
Is There More Downside Ahead for DOGE?
The Moving Average Convergence Divergence (MACD) line has crossed below the signal line, showing that the bearish momentum is building. Notably, those lines are below the zero line, confirming the overall downtrend, with the meme coin price trading in a weak zone. Besides, the Chaikin Money Flow (CMF) indicator is found at -0.04, very close to neutral. It implies a slight selling pressure in the market. This value suggests mild distribution rather than heavy selling.
DOGE chart (Source: TradingView )
With DOGE’s current downside correction, the price could meet the nearby $0.2205 support . Extended losses might trigger the death cross to take place and propel the meme coin to retrace toward the $0.2199 mark. However, the emergence of bullish pressure would push the price up and test the resistance at the $0.2217 mark. If DOGE bulls strengthened, it could initiate the golden cross to form and drive the price to $0.2223 or higher.
The meme coin’s daily Relative Strength Index (RSI) at 41.79 signals a weak to bearish momentum , but not yet oversold. Additionally, DOGE’s Bull Bear Power (BBP) reading of -0.00626 is slightly negative and close to the neutral zone. With the bears having a mild dominance, the price is moving down. Also, there is no strong bullish or bearish strength for the meme coin.
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