The price of DOGE drops by 7% in the last week: what happens?

The Dogecoin price has fallen more than 7% in the past week. In the last 24 hours alone, the price of the meme coin has fallen by 5.5%. At the time of writing, Dogecoin was trading at $0.1433 with a market capitalization of over $20.6 billion.

Consequently, a drop in prices appears inevitable as the asset continues to move in a bearish pattern. A bearish descending triangle pattern has been identified on the DOGE chart, increasing the chances of a bearish breakout to the downside if its price falls below $0.128.

DogeCoin: the technical parameters confirm the bearish trend of the DOGE price

Several parameters support the bearish outlook for Dogecoin. For example, DOGE’s speed has decreased, indicating that the meme coin is used less often in transactions within a set time period. Even his relationship MVRV it is in the negative zone. Furthermore, Dogecoin has not seen an influx of new investors recently, as the total number of holders has remained unchanged. DOGE’s social dominance has also collapsed, suggesting a decline in his popularity.

Market indicators suggest that the price of Dogecoin remains below its 20-day simple moving average (SMA), as per the Bollinger bands. His Relative Strength Index (RSI) is below the neutral level, and also the Chaikin Money Flow (CMF) of the meme coin saw a decline, further suggesting a continued decline in prices.

Data analysis then reveals that DOGE has strong supports near $0.143 and $0.139. If the coin manages to reverse its trend after reaching one of these levels, its value could soon touch $0.146. However, if a bearish breakout below $0.128 occurs, Dogecoin could lose most of its March gains.

The future of Dogecoin appears bearish, with a significant drop in value over the past week and technical indicators suggesting further declines. If a bearish breakout below $0.128 occurs, Dogecoin could lose most of its March gains. However, they are there strong support levels near $0.143 and $0.139 which could potentially lead to a reversal of the trend.

Concluding regarding the price movement of Dogecoin, we have seen that it has jumped by over 75% in the last year alone, while its market capitalization has remained at $19.79 billion. Not only that, there are now ten technical indicators in the buy zone for the cryptocurrency Dogecoin. As a result, experts have made a bullish prediction for the price of Dogecoin. They predict a potential rise to $0.17 for this meme coin before the end of the second quarter of 2024.

Meanwhile, there could be another crypto to surpass DOGE. We are talking about KangaMoon which could outperform the meme coin titans Dogecoin And Dogwifhat due to its low market capitalization of $19.6 million. This means that KANG will see faster price increases as this requires a lower limit. Therefore, more people are likely to buy it as they seek quick returns in the meme coin space.

Graduated in Literature and Philosophy, I have been a copywriter and editor of blogs on various topics for years. Among my passions are the world of cryptocurrencies and the development of the digital market.