- Dogecoin, the world’s largest meme coin, has seen a significant drop in its value over the past week, with a decrease of more than 7%.
- The technical indicators and metrics for Dogecoin appear to be bearish, indicating potential further declines.
- A bearish pattern has emerged on Dogecoin’s price chart, raising concerns for the future of the meme coin.
Dogecoin’s value has dropped by over 7% in the past week, with technical indicators suggesting a bearish future for the meme coin.
Dogecoin’s Bearish Trend
According to CoinMarketCap, Dogecoin’s price has dropped by more than 7% in the last week. In the last 24 hours alone, the meme coin’s price declined by 5.5%. At the time of writing, Dogecoin was trading at $0.1433 with a market capitalization of over $20.6 billion. Despite the price drop, it continues to move in a bearish pattern. A bearish descending triangle pattern has been identified on DOGE’s chart, increasing the chances of a southward bearish breakout if its price drops below $0.128.
Technical Indicators and Metrics
Several metrics support the bearish outlook for Dogecoin. For instance, DOGE’s velocity has dropped, indicating that the meme coin is being used less often in transactions within a set timeframe. Its MVRV ratio is also in the negative zone. Additionally, Dogecoin has not seen an influx of new investors recently, as its total amount of holders’ chart has remained flat. DOGE’s Social Dominance has also plummeted, suggesting a drop in its popularity.
Dogecoin Price Prediction
Market indicators suggest that Dogecoin’s price remains under its 20-day Simple Moving Average (SMA), as per the Bollinger Bands. Its Relative Strength Index (RSI) is under the neutral mark, and the meme coin’s Chaikin Money Flow (CMF) has also registered a downtick, further hinting at a continued price decline. Analysis of Hyblock Capital’s data reveals that DOGE has strong supports near $0.143 and $0.139 marks. If the coin manages to change the trend after hitting any of these levels, its value might touch $0.146 soon. However, if a bearish breakout takes place under $0.128, then Dogecoin might shed the majority of its March gains.
Conclusion
The future of Dogecoin looks bearish, with a significant drop in value over the past week and technical indicators suggesting further declines. If a bearish breakout occurs under $0.128, Dogecoin could lose the majority of its gains from March. However, there are strong support levels near $0.143 and $0.139 that could potentially lead to a reversal in trend.
