As of the date of writing, #Dogecoin has lost 8% of its value in the last 24 hours. The popular #Memecoins__ lost 13% of its value in the last week and decreased by 21% in the last month. So why is Dogecoin ( $DOGE ) falling, here is the price analysis.
Highlights:
#Bitcoin❗ The Fear and Greed Index remains at 74 (Greed) despite the decline in the overall market.
The total market cap of the crypto sector has fallen by 3% in the last 24 hours.
Dogecoin price dropped to $0.113, the lowest level since February 2024.
Dogecoin (Doge) Price Analysis: What Are Bulls Waiting For?
DOGE price was previously trending inside a giant descending triangle. The base of the triangle provides strong support for DOGE, but bearish market conditions created by Bitcoin could render it useless. The support has been tested three times before and investors think it will no longer work. Descending triangles are not usually bullish, but they often become explosive if they resolve to the upside.
DOGE price is trending below the 50-day and 200-day simple moving averages (SMA), which is not a positive development for the asset price. In case of a bounce at this price point, DOGE could break out of the current market structure and gain $0.237. The dog-themed meme coin might face resistance near $0.182 and $0.206 on its way up. On the other hand, in a bearish scenario, DOGE price might find more support near $0.096 and $0.072.
The Relative Strength Index (RSI) has fallen to 29 and is officially in oversold (OS) territory. Overbought (OB) and oversold (OS) zones are characterized by extreme price movement momentum. Therefore, DOGE price may witness some non-bullish price movement fluctuations in the coming days. However, the fact that the RSI (14) is at 29 indicates that DOGE has officially hit the bottom and accumulation can start from this point.
Why Is Dogecoin Falling?
Dogecoin and other altcoins are experiencing declines due to Bitcoin and negative market sentiment.
In conclusion
Bitcoin's market cap dominance is also having an overwhelming impact on the markets as it increased from 51.5% to 52.1% last week. Dogecoin investors follow BTC price movement closely as it will determine the difference between profit and loss. So the only chart you need to watch right now is Bitcoin.
