DOGE trades at $0.4109, marking a loss of over 3% over the last 24 hours.
The meme coin has witnessed a 24-hour liquidation of $32.76 million.
The largest asset, Bitcoin (BTC) has slipped to $95K, as December approaches. Notably, the greedy market dominates as the Fear and Greed Index is settled at 79. The meme coin market cap stays at $126 billion. Particularly, Dogecoin (DOGE), the leading meme coin, has lost over 3.10% over the past 24 hours.
At press time, the meme coin trades at $0.4109, with the market cap reaching $60.40 billion. In the morning hours, DOGE began trading in the $0.43 range. Eventually, the meme coin visited the highest price at $0.4602.
Moreover, the market observed a liquidation of $32.76 million worth of DOGE during this timeframe, also noting the daily trading volume of the asset at $12.14 billion.
The meme-inspired asset has surged over 156% in November. The meme coin began trading at $0.1593 and it hit the monthly high of $0.4735 on 23rd of November.
DOGE chart (Source: CoinGecko)
As per analysts, DOGE might show bullish signals, after crossing $0.40. The meme coin’s December performance analysis presents a mixed picture, but puts forward a hope for a bullish sentiment as this year closes.
Will DOGE Continue to Slide?
It’s crucial to note the technical indicators of the meme coin, it likely exhibits the current bearish momentum. The Moving Average Convergence Divergence (MACD) line is positioned below the signal line. This indicates an upcoming downtrend in the market.
DOGE chart (Source: TradingView)
In addition, the Chaikin Money Flow (CMF) indicator is found at -0.11, inferring the negative money flow and reflects the sellers outweighing buyers in the market. In the meantime, DOGE’s daily trading volume has surged by over 121%.
DOGE’s four-hour price chart of DOGE shows the downside momentum. If the bearish momentum builds, the bears could pull back its price toward previous lows. If the meme coin fails to hold the $0.36 support level, it could lead to a steeper correction toward the $0.30 mark.
On the flip side, if the meme coin could breach the $0.44 barrier, the DOGE bulls might reinforce the momentum and would likely push the price toward the $0.50 mark. The price movement is crucial for the meme coin to enter the bullish territory.
The meme coin’s ongoing market sentiment is approaching the neutral zone, with the daily relative strength index (RSI) found at 43.24. Besides, the daily frame of the meme coin displays the short-term 9-day moving average above the long-term 21-day moving average.
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