#Dogecoindowntrend Why Dogecoin Price Down Today

Dogecoin is down 6% today, hitting an intraday low of $0.3404 on Dec. 19. This decline outpaces the broader crypto market, which fell around 3.5% over the same period. The dip in DOGE follows Bitcoin’s 2% drop in the past 24 hours.

Dogecoin price drops on “sell the news” rate cut

The bullish sentiment was not only exclusive to Dogecoin as most other memecoins recorded significant losses across the board, triggered by Bitcoin’s drop to $100,000 following US Federal Reserve Chair Jerome Powell’s post-cut presser on Dec. 18.

Shiba Inu , the second largest memecoin by market capitalization, followed DOGE’s steps, dropping 5.8% over the last 24 hours to trade at $0.00002433.

Ethereum-based Pepe has dropped by approximately 11% over the same period.

DOGE market sentiment sours

The ongoing drawdown on DOGE price was also preceded by reducing market sentiment over the dog-themed memecoin which turned negative on Dec. 3, as per data from Santiment.

This suggests that traders have become impatient as DOGE prices have been consolidating for the past month.

DOGE’s bearish divergence

DOGE’s drop today precedes a period of growing bearish divergence between its price and the relative strength index (RSI).

The daily chart below shows that the DOGE/USD pair rose between Nov. 12 and Dec. 8, forming higher lows. But, in the same period, its daily RSI descended from 92 to 51, forming lower lows.