Will DOGE Overcome Selling Pressure and Rally?

DOGE Price Analysis

DOGE is currently trading within the $0.2473 range, representing a decline of 1.92% over the past 24 hours. The meme coin's market cap stands at $36.58 billion.

Recent Market Performance

Bitcoin (BTC) remains stuck around $95,000, while Ethereum (ETH) hovers near $2.6K. The overall crypto market is facing selling pressure, which has impacted the meme coin sector, leading to a decrease in the market cap to $73.4 billion.

DOGE's Technical Indicators

The Moving Average Convergence Divergence (MACD) line and signal line have crossed below zero, indicating a shift towards bearish territory and increased selling pressure. The Chaikin Money Flow (CMF) indicator also suggests a negative money flow, with outflows slightly outweighing inflows.

Market Sentiment

Overall sentiment for DOGE is bearish. If the price fails to maintain above $0.25, it could retrace towards $0.2346. On the other hand, a bounce back could lead to a reattempt of the $0.30 level, with a potential breakout above that range.

Additional Observations

• DOGE has experienced a 24-hour liquidation of $9.25 million.
• The daily trading volume has dropped by over 4.51%.
• The 9-day moving average has slipped below the 21-day moving average.
• The relative strength index (RSI) is nearing oversold territory at 30.68.

Disclaimer

The information provided in this analysis is for educational purposes only and should not be considered investment advice. It is recommended that investors conduct their own research before making any investment decisions.