Dogecoin Faces Potential Price Drop
Release: 2024/07/12 20:34 Reading: 619
Dogecoin Faces Potential Price Decline
Price Movement
Dogecoin (DOGE) currently trades at $0.106, following a 2.87% drop in the past 24 hours. This decline aligns with a larger trend within a descending channel formation. DOGE breached a crucial support level on June 17, establishing lower lows and encountering resistance during upward attempts.
Technical Indicators
DOGE trades beneath the 21-day, 50-day, and 200-day Simple Moving Averages (SMAs), signaling a bearish outlook. Price predictions suggest a further decline may be imminent due to a bear flag formation observed on the daily chart. A downward breakout could lead to an 18% drop, targeting $0.085.
The Chaikin Money Flow (CMF) indicator for DOGE registers at 0.04 and trends downward, indicating reduced buying pressure. The Relative Strength Index (RSI 14) also reflects bearish momentum, hovering at 36.14 and declining.
Key Support and Resistance
In case of a downward breakout, DOGE faces support levels at $0.103 and $0.091. Conversely, if upward momentum resumes, the memecoin could potentially rise to $0.13, encountering resistance at $0.116 and $0.125.
Market and Bitcoin Influence
Dogecoin's price closely follows Bitcoin (BTC) and overall market trends. In 2024, DOGE has witnessed limited significant developments. Speculation regarding its acceptance as a Tesla payment option remains a notable factor. However, recent Bitcoin selling has negatively impacted DOGE's price, setting the stage for further declines.
Additionally, Bitcoin's struggle to surpass $60,000 and signals of a potential drop towards the $54,000 support level are exerting pressure on DOGE.
Open Interest and Investor Sentiment
Coinalyze data indicates a 0.26% decrease in DOGE's Open Interest (OI) over the past 24 hours, suggesting limited new funds entering the market. However, investors with active positions remain optimistic, with 25% holding short positions and 74% holding long positions.
On-chain data by Into The Block reveals that 73% of DOGE investors currently profit at current prices, while 25% are experiencing losses.
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