Dogecoin (DOGE) Loses Gains Amid Rising Selling Pressure
Release: 2024/05/30 21:29 Reading: 952
- Original author：BeInCrypto
- Original source：https://beincrypto.com/?p=522800
Dogecoin's Value Dips Amidst Altcoin Rally
Over the past week, the leading meme coin, Dogecoin (DOGE), has witnessed a decline of approximately 5%, despite a general uptrend in the altcoin market. This price drop can be attributed to a combination of diminished daily demand and negative market sentiment.
Declining Demand
During the aforementioned period, there was a notable decrease in the daily demand for DOGE. The count of addresses executing DOGE transactions fell by 9%, leading to a corresponding decline in the coin's daily transaction count by 5%.
Negative Market Sentiment
Dogecoin has faced persistent negative weighted sentiment throughout the month. At press time, its weighted sentiment remained at -0.71, reflecting a preponderance of negative commentary on social media platforms. This sentiment may have discouraged trading activity.
Technical Analysis
At press time, DOGE's Relative Strength Index (RSI) indicated a shift toward coin distribution, while its Chaikin Money Flow (CMF) showed increased liquidity exit by investors. If this trend continues, DOGE's price may decline to $1.52.
Price Prediction
Based on current market conditions, there is a possibility for further price decline. However, if there is a reversal in trend and increased buying activity, DOGE's value could potentially rise to $0.16.
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