Dogecoin Price Prediction: How To Survive Escalating DOGE Price Dive.
Dogecoin Price Prediction: DOGE, a leading meme coin, has experienced a significant downturn over the past 24 hours after the bearish trend. As of the time of the report, Dogecoin price is trading at $0.1159, with a strong decrease of 7.30% in the European trading session.
According to data from CoinMarketCap, Dogecoin now ranks ninth by market capitalization, which has also dipped by 7% to $17 billion.
The trading volume substantially increased, up 124% to approximately $724 million over the last 24 hours.
Dogecoin Price Prediction: Anticipating the Next Moves.
The meme coin Dogecoin has entered a phase of market stabilization over the
last week, with its price orbiting the
$0.12 mark. In recent times, specifically since early June, the
cryptocurrency has seen a 26%
reduction in value, breaching a critical
level at $0.16.
This shift has contributed to a
pessimistic sentiment among traders, resulting in a downward price action. During the past week, Dogecoin's trading activity fluctuated between $0.12 and $0.1180, mirroring broader market volatility prompted by a decrease in Bitcoin price, now below $63,000.
This bearish trend is further evidenced by a 13% decrease in the daily count of active DOGE addresses engaging in transactions, as reported by analytics firm Santiment. Moreover, data from IntoTheBlock indicates a noticeable drop in the volume of large Dogecoin transactions within the last 30 days, signaling a potential pullback by major investors.
Technical Indicators Point to Continued Bearishness.
Dogecoin is currently teetering on a pivotal support level. If this level breaks, DOGE could push the price below $0.11. Such a move would likely target a descent to the $0.1 support area. A further souring in market sentiment could drag Dogecoin down to the $0.09 mark. This scenario would indicate a market heavily dominated by sellers.
Conversely, a revival in bullish forces might drive the Dogecoin price prediction above the $0.12 threshold.
