In the constantly changing world of cryptocurrencies, there are always winners and losers. While some coins are constantly losing value, others are already exploding in the PreSale. One such case is the Dogecoin (DOGE), which is experiencing a continuous bear market despite a remarkable increase in June.
Dogecoin (DOGE) is a cryptocurrency that originated in an Internet meme and has made waves in the crypto market since its introduction in 2013. Especially through the promotion of Elon Musk and other prominent personalities, DOGE was able to record considerable price jumps at times. But the recent development seems to relativize the previously achieved high flights.
Towards the end of June, Dogecoin recorded a significant price increase. But despite this remarkable increase, the meme coin did not manage to ward off the rapidly starting seller market. The question that many investors are now asking themselves is whether the Dogecoin will be able to regain its momentum and rise again, or whether it will succumb to the increasing pressure of bearish sentiment.
The negative trend of Bitcoin (BTC) last week also had a noticeable impact on the mood around Dogecoin. Unfortunately, the current figures indicate an imminent decrease in the DOGE price rather than a potential recovery. Instead of a hoped-for recovery, a decline in the price range of $0.053 and $0.048 seems likely.
The current DOGE price on Coinmarketcap is $0.0652 and shows a moderate decline of 0.7% within the last 24 hours. However, it should be noted that a decrease of 4.8% has been recorded over the course of the last seven days.
This price trend has initiated a more detailed examination of market conditions, which reveals some bearish signals and underlying trends. It seems that the bears are preparing to put downward pressure on prices again. The Relative Strength Index (RSI) has fallen below the neutral level of 50, indicating a shift in momentum towards the bear side and suggesting that sales pressure could increase in the near future.
In addition, the On-Balance Volume (OBV) has not exceeded any resistance level since May, which indicates a lack of interest on the part of buyers. This suggests that market participants are reluctant to make significant purchases, which increases the downward pressure on DOGE prices.
The observed bearish signals, such as the RSI, which falls below the neutral level of 50, and the lack of conviction among buyers, which is indicated by the OBV, indicate a difficult coming time for DOGE. These factors could contribute to increased sales pressure and further price declines.
#dogecoin $DOGE #Binance #development
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