With extreme fear hanging across the crypto tokens, both red and green charts are found in the market. The bearish wave has eased for now, but the trend is still unfolding. Meanwhile, the meme coin market cap is at $38.10 billion following a 3% spike in the last 24 hours. Among them, Dogecoin (DOGE) has marked a 2.04% spike.
The meme coin’s lowest and highest trading ranges were noted at $0.1058 and $0.11, respectively. As per CoinMarketCap data, at the time of writing, DOGE traded within the $0.1079 zone, with its daily trading volume dropping by over 43.76%, reaching $1.26 billion. Besides, the Dogecoin market has witnessed a liquidation event of $2.40 million.
With the ongoing bearish correction, the DOGE price could retrace to the $0.1068 support range. If the downside move intensifies, the death cross might unfold and send the price below $0.1057. Conversely, a bullish reversal could trigger the Dogecoin price to rise to the nearest resistance at $0.1090. Assuming the upside pressure builds more traction, the golden cross would emerge, with the price climbing above $0.1102.
A Downtrend Is Taking Shape for DOGE as Technical Momentum Weakens
DOGE’s Moving Average Convergence Divergence (MACD) line and the signal line are stationed below the zero line, hinting at a downtrend. It is trading below its longer-term average. Even with brief bounces, the broader trend remains weak, and only a bullish crossover gives signs of trend reversal.
Moreover, the Chaikin Money Flow (CMF) indicator resting at 0.06 points to slight buying pressure in the Dogecoin market. As it is above zero, the money is flowing into the asset, showing mild accumulation. Notably, a sturdy buying interest is necessary to confirm a solid bullish trend.
The daily Relative Strength Index (RSI) value of DOGE at 43.37 indicates neutral to slightly bearish sentiment. A seat below the 50 midline pushes the sellers to have a mild edge, and the momentum is weak, with no strong trend, and the market may be consolidating.
Furthermore, Dogecoin’s Bull Bear Power (BBP) reading settled at 0.00120, suggesting an almost neutral market. However, the ongoing strength is extremely weak, and neither buyers nor sellers are in control. With indecision, a clear catalyst is needed to choose a direction.
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