Dogecoin (DOGE) has not escaped the recent market downturn, with its value experiencing a significant decline. The memecoin has seen millions shaved off its market capitalization, and its price has dropped significantly.
Price Decline
The analysis shows that DOGE’s decline started around June 7th, with the price dropping over 7% from around $0.16 to $0.148. By the end of trading on June 10th, DOGE was trading at around $0.144, a 1.4% decline. Currently, the price has fallen further, trading at approximately $0.141, a 2% drop.
Bearish Trend Confirmed
The decline on June 7th pushed DOGE’s price below its short-term moving average (yellow line) and its Relative Strength Index (RSI) into the bear territory, below the neutral line. As of now, the trend remains below the yellow line, which now serves as resistance around the $0.15 price range. The RSI is also below 40, confirming the strong bearish trend.
Market Capitalization Plummets
Dogecoin’s market capitalization has also taken a hit. Before the 7% decline, DOGE’s market cap was over $23 billion. However, it has since fallen to around $21 billion and is currently at around $20.5 billion.
Sellers Dominate the Market
Despite the increase in trading volume by over 38% in the last 24 hours, the analysis suggests that sellers are dominating the market. The volume trend indicates that there are more sellers than buyers, leading to the price decline.
Resistance at $0.15
The price decline has pushed DOGE below its short-term moving average, which now serves as resistance around the $0.15 price level. The bearish trend is further confirmed by the RSI, which is currently below 40.
In conclusion, Dogecoin has faced a significant downturn, with its price dropping below $0.15 and its market capitalization declining. The analysis suggests that sellers are currently in control of the market, and DOGE’s trend remains bearish, with resistance at the $0.15 level.
