In the past week, DOGE has posted a 0.7% gain, while in the last 24 hours, the meme coin is down by 0.1%.
Low trading volumes are behind the lack of significant price movements. In the last 24 hours, DOGE trading volumes have plunged by around 18% to $138 million. The low trading volumes also point to a bearish sentiment.
In the past week, DOGE has posted a 0.7% gain, while in the last 24 hours, the meme coin is down by 0.1%.
Low trading volumes are behind the lack of significant price movements. In the last 24 hours, DOGE trading volumes have plunged by around 18% to $138 million. The low trading volumes also point to a bearish sentiment.
Dogecoin Bounces From Support Levels In Weak Bullish Signal
Dogecoin has bounced from the $0.0621 support severally, with the level serving as an entry price for buyers. A slight gain to $0.0625 is likely if more buyers accumulate at these levels.
Selling pressure will likely be seen when the price plunges below $0.0616. In this scenario, DOGE will plunge to the September 11 level of $0.0597.
The low trading volumes show indecisiveness between buyers and sellers as they await the price to hit these crucial levels.
Dogecoin’s price trend appears to have formed a death cross, with the 50-day simple moving average (SMA) crossing below the 100-day SMA. While this chart pattern might appear ominous, it is usually followed by a near-term rebound.
A look at the Moving Average Convergence Divergence (MACD) line indicates that bears have the upper hand. However, its histogram bars are green, making the case for an upcoming rebound.
The Relative Strength Index (RSI) at 39 points to selling activity. The RSI line is stagnating, indicating buyers and sellers are refraining from making trades.
Weak Community Engagement Behind DOGE’s Stagnating Trend
The self-proclaimed DOGE father, Elon Musk, has remained relatively quiet about Dogecoin. Dogecoin usually rallies after mentions by the Tesla CEO, but Musk’s refrain from talking about the recent meme coin contributes to DOGE stagnating.
Dogecoin’s creator, Billy Markus, also recently called the DOGE community “dead.” Meme coins largely depend on community engagement to rally. However, in a recent Twitter exchange, Markus said the DOGE community had been “dead” for over a year.
