💵 AMBCrypto Analytics: $DOGE Analysis
Dogecoin has outperformed all other memecoins in terms of both traders and transactions. However, despite this, the price of DOGE fell significantly over the last few days. At press time, DOGE was trading at $0.181 and its price had fallen by 15.33% in the last week itself.
The price of DOGE fell past the $0.193 level during this period. If things turn worse for DOGE, the price of the memecoin could decline further and reach the 0.15949 level as well.
The CMF (Chaikin Money Flow) of DOGE had declined and fell to -0.11.
With a CMF value below zero, it suggests a prevailing outflow of money from DOGE, indicating a bearish sentiment prevailing among traders. This suggests that selling pressure may be outweighing buying interest, exerting downward pressure on DOGE’s price.
Additionally, the OBV (On-Balance Volume) for DOGE also declined. Moreover, the declining OBV reflects diminishing trading volume over time, which, when coupled with falling prices, confirms a downtrend.
The reduction in trading activity alongside declining prices can intensify downward movements and weaken support levels for DOGE.
