The meme coin’s daily trading volume has surged by over 52%.
Market-wide bearish pressure has intensified, triggering sharp losses across crypto assets. The meme coin market cap has reached $49.4 billion, losing over 6.5%. In line with the downturn, Dogecoin (DOGE) has also taken a hit, slipping by 4.69%.
The meme coin kickstarted the day, trading at around $0.1681, and the price climbed toward a peak range of $0.1787. With bears in command, DOGE tumbled to a low of $0.1624.
At the time of writing, DOGE traded at $0.1635, with the market cap at $24.26 billion. The daily trading volume of the meme coin has reached $1.9 billion. Besides, the market observed a liquidation of $11.49 million worth of DOGE.
Notably, Dogecoin has plunged by over 17% in the last seven days. The asset began trading the week at the $19 range, and the weekly low was formed at $0.1609.
Will DOGE Continue Its Decline?
DOGE’s strong bearish momentum is exhibited with the Moving Average Convergence Divergence (MACD) line and the signal line crossing below the zero line. A continued stay below the zero line may lead to further declines.
DODE chart (Source: TradingView)
The Chaikin Money Flow (CMF) indicator at -0.03 indicates a weak accumulation and conservative market sentiment, though not very negative. In the meantime, DOGE’s daily trading volume has increased by more than 52.61%.
If DOGE fails to hold above the $0.17 mark, the price might fall back toward $0.1537. Losing this key support range could send the meme coin into deeper correction territory.
On the upside, a recovery of the meme coin could likely attempt to reclaim the $0.20 range. The emergence of a golden cross could drive DOGE to a retest of the $0.2446 resistance.
In addition, the meme coin’s Bull Bear Power (BBP) value of -0.0081 suggests mild bearish momentum. DOGE’s daily relative strength index (RSI) at 40.30 indicates a neutral-to-bearish zone.