Dogecoin’s Value Declines as Market Becomes Bearish
Dogecoin [DOGE] Loses Double-Digit Value in 7 Days
The market’s leading memecoin, Dogecoin [DOGE], has experienced a significant decline in value over the last seven days. According to market data, DOGE is currently valued at $0.15, with a minor 0.13% price uptick in the last 24 hours (CoinMarketCap). This makes DOGE the only leading memecoin to see a double-digit price decline in the past week, falling by 10%.
Bearish Market Indicators for DOGE
DOGE’s price charts display several bearish readings. It has crossed below both its 50-day and 200-day small moving averages (SMAs), indicating a shift in market sentiment from bearish to bullish. If DOGE continues its trend towards the 200-day SMA, it may reach a long-term support level of $0.1. Additionally, the Awesome Oscillator, a momentum indicator, has consistently shown downward-facing red histogram bars since 14 April, suggesting significant selling pressure. DOGE’s Relative Strength Index (RSI), a measure of market demand, has fallen below its neutral line, indicating a decrease in memecoin accumulation. The coin’s MACD line is also weaker than its signal line and zero lines, indicating a weaker short-term trend compared to its longer-term trend.
Market Cap in BTC’s Terms
Considering DOGE’s market cap realistically in BTC’s terms, it is important for traders to evaluate the current market conditions to make informed decisions.
Traders Shift to Short Positions
Traders are increasingly exiting their long positions and opting for short positions due to the current market conditions. DOGE’s Parabolic SAR indicator, placed above its price candles, suggests a downtrend and a continuation of the price decline.
Source: DOGE/USDT on TradingView
Decline in DOGE Futures Open Interest
DOGE’s Futures open interest has hit a 30-day low, indicating a decrease in liquidity in its derivatives market. Currently valued at $953 million, the declining open interest reveals a potential shift in market dynamics.
