The value of Dogecoin, a prominent memecoin, has dropped by 24% in the last seven days. Levels not seen by DOGE since February have been reached. But the token's price dropped below the 20-day EMA on June 7 and has remained below it ever since.
The 20-day exponential moving average (EMA) shows how much a coin has averaged over the past 20 trading days. When prices fall below this level, it means sellers are starting to have more power than buyers. This indicates a rise in sales and the continuation of a downward trend.
