- DOGE is trading at $0.3372, marking a modest gain of over 4%.
- The meme coin’s daily trading volume has surged by more than 79.54%.
Following the unforeseen plunge in the crypto market, Bitcoin (BTC) rebounded to the $103K level. Meanwhile, other tokens, including Ethereum (ETH), Solana (SOL), Shiba Inu (SHIB), and Dogecoin (DOGE), also briefly bounced from the red zone.
The dog-themed DOGE has spiked by over 4.20%. At the time of writing, it trades at $0.3372, with a market cap of $49.82 billion. The meme coin visited its low in the early hours at $0.3078 and eventually climbed to a high of $0.3386.
Furthermore, the market observed a liquidation of $20.21 million worth of DOGE during this timeframe, as per Coinglass. Notably, the daily trading volume of the meme coin has reached $3.83 billion.
The DOGE market has failed to pick up the upward momentum over the past few weeks, noting a modest spike below 5%. Sustaining a price level above the $0.40 mark would trigger a rally, which might inch close to its ATH.
Could DOGE’s Momentum Shift?
DOGE’s price pattern reports a downward momentum. Assuming the meme coin’s in-progress trend sharpened, its price might test the support at $0.3328. Losing this key level could escalate the downtrend, with the following support lying at $0.3237.
However, a bullish shift will nullify this bearish outlook. A breach of $0.3394 could drive the DOGE price higher. It might open the door toward more gains, potentially eyeing the $0.35 mark as the subsequent focus.
Additionally, the meme coin’s Moving Average Convergence Divergence (MACD) line and signal line are found below the zero line. This crossover indicates the broader bearish trend in the market and the sellers are in control.
DOGE chart (Source: TradingView)
The Chaikin Money Flow (CMF) indicator positioned at -0.05, suggests a negative money flow. A negative value below zero signals weaker demand. In the meantime, DOGE’s daily trading volume has soared by over 79.54%.
Moreover, DOGE’s daily frame reveals the short-term 9-day moving average beneath the long-term 21-day moving average. The daily relative strength index (RSI) of 46.43 infers that the asset is neither overbought nor oversold, sitting in the neutral zone.
Disclaimer: The opinion expressed in this article is solely the author’s. It does not represent any investment advice. TheNewsCrypto team encourages all to do their own research before investing.
Highlighted Crypto News
Robert Kiyosaki Predicts Biggest Stock Market Crash Ever
