Dogecoin (DOGE) Faces Rejection as Volume Drops 38%
Release: 2024/05/17 22:01 Reading: 321
Cover image via U.Today
Dogecoin's Bulls Encounter Resistance in Ascent
Dogecoin (DOGE) bulls faced a sharp rejection overnight in their attempt to propel the coin's price above $0.153. At the time of writing, Dogecoin trades at $0.1526, down 1.17% over the past 24 hours. This decline halted its upward momentum after a surge from $0.1491 to its current level.
src="/uploads/20240517/171595664066476ba02278b.png">DOGE Price Chart via TradingView
Dogecoin has consistently sought a breakout. While lacking a specific internal catalyst for growth, it has leveraged general market sentiment to fuel its ascent. However, this sentiment proved insufficient to sustain interest in recent hours. The meme coin's trading volume plummeted by 38% to $1,160,682,932.
This retail volume level is disproportionate to the Dogecoin community's enthusiasm. As reported earlier by U.Today, Dogecoin enthusiasts eagerly anticipate the integration of DOGE into X Payments. This expectation suggests increased demand for Dogecoin, potentially driving its value higher in the long term.
Dogecoin's price action, as depicted in the DOGE 4H Chart, shows the Relative Strength Index (RSI) at 53, slightly above average. A surge in buying pressure from DOGE whales could reverse the bearish outlook in daily volume, acting as a catalyst for price appreciation.
Influential voices within the Dogecoin ecosystem continue to shape market sentiment. It remains uncertain where the next growth catalyst will emerge from.
Despite the current downtrend, Dogecoin has outperformed the broader market year-to-date (YTD), gaining 68% overall. If it maintains this momentum, it may end Q2 on a positive note. The coin's immediate price target is set at $0.16, matching its four-week high.
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