Crypto Market Eyes Leading Coins

Crypto Market Eyes Leading Coins

While uncertainty permeates the cryptocurrency market, attention shifts towards prominent cryptocurrencies. Bitcoin has fluctuated below $60,000, while investors' focus seems to gravitate towards meme coins, particularly DOGE, warranting further examination.

Current State of DOGE

Dogecoin (DOGE) has faced selling pressure, leading to a decline. Bitcoin (BTC) has dipped below $60,000 multiple times but appears to be holding this level for now. Over a 24-hour period, BTC experienced a 4.3% drop, trading at $60,200.

Concurrently, DOGE continued to witness transactions within a narrow range. During this period, the value of DOGE in Turkish Lira was calculated at 4.29 TRY, indicating an 8% decline.

Despite an increase in Dogecoin investors since April, this surge may not suffice to drive a price increase. Moreover, the market outlook remains apprehensive, potentially leading meme coins towards further lows.

DOGE Price Movement

Presently, DOGE has fallen to $0.1313, with a range (purple) forming between $0.14 and $0.165. This range emerged as the mid-level served as support and resistance in April. The CMF indicator suggests capital outflows in the market, hovering at -0.09.

The 12-hour RSI stands at 37, indicating a bearish momentum. This perspective aligns with the losses incurred over the past five days. However, the support level at the 78.6% Fibonacci retracement level continues to attract investors.

Despite the pessimistic outlook, potential market entry points and loss mitigation measures are being considered by interested investors. Nevertheless, indicators hint at the possibility of further losses in the future.

The Future of DOGE

Coinalyze data reveals minimal capital inflow into the market, corroborated by the CMF. Open Interest has witnessed a steady decline in recent days, suggesting a lack of enthusiasm among speculators.

The Spot CVD has been on a downward trajectory since April 22. While the downtrend appeared to pause within the last 24 hours, a resurgence of decline is evident.

However, if the Spot CVD manages to surpass this level, it could foster an optimistic environment for investors seeking to acquire DOGE at the lower end of its range.