Price: $0.38707 2.526%
Market Cap: 56.86B 1.752%
Volume (24h): 8.04B 0.4%
Dominance: 1.752%
Price: $0.38707 2.526%
Market Cap: 56.86B 1.752%
Volume (24h): 8.04B 0.4%
Dominance: 1.752% 1.752%
  • Price: $0.38707 2.526%
  • Market Cap: 56.86B 1.752%
  • Volume (24h): 8.04B 0.4%
  • Dominance: 1.752% 1.752%
  • Price: $0.38707 2.526%
Home > Information news > Dogecoin Faces Challenges in the Meme Coin Market

Dogecoin Faces Challenges in the Meme Coin Market

Release: 2024/04/18 21:30 Reading: 692

Original author:COINTURK NEWS

Original source:https://coinmarketcap.com/community/articles/6621192fc16f372ffe7a7267

You can also read this news on COINTURK NEWS: Dogecoin Faces Challenges in the Meme Coin Market

Dogecoin‘s rise last month might disappear as the downtrend continues to overshadow any upward trends. Notably, Dogecoin‘s growth was remarkable in the generally declining meme coin market. However, fundamental indicators still show that bears are in control of the market, suggesting that Dogecoin’s gains could be quickly erased.

Dogecoin Stands Out in the Meme Coin Field

According to the latest report by IntoTheBlock, Dogecoin (DOGE) was the only leading meme coin to record gains last month despite the downturn in the meme coin market. Data providers on the blockchain indicate that DOGE‘s price increased by 4.43% over the last 30 days, while other leading meme coins like Pepe (PEPE) and Shiba Inu (SHIB) saw declines of 33% and 25.28%, respectively.

However, the sustainability of these gains for Dogecoin appears doubtful. According to data, DOGE’s price has fallen by 6% in the last 24 hours, reflecting the overall market downturn. Meanwhile, the total value of the cryptocurrency market also dropped by 2.38% during the same period.

Technical Indicators Are Negative for Dogecoin

Technical indicators are also not favorable for Dogecoin. Key technical indicators, especially the Moving Average Convergence Divergence (MACD), indicate that the downtrend is still ongoing. Since the MACD line has remained below the signal line, it suggests that the momentum is in a downtrend.

Moreover, since the negative direction index (red) has positioned above the positive index (green), it seems like Dogecoin’s sellers are regaining control of the market. This could be interpreted as a sign of a potential downward movement.

CMF Metric Also Points to a Decline

The Chaikin Money Flow (CMF) indicator is also not promising for the cryptocurrency Dogecoin. The CMF shows a negative value, indicating an increase in liquidity outflows, which highlights the market’s weakness.

In conclusion, although Dogecoin’s rise last month was notable, the current indicators and market conditions suggest that the sustainability of these gains is doubtful. Investors should be cautious about the future of Dogecoin and closely monitor market developments. As of writing, DOGE is trading at $0.14.

The post first appeared on COINTURK NEWS: Dogecoin Faces Challenges in the Meme Coin Market

Selected Topics

  • Dogecoin whale activity
    Dogecoin whale activity
    Get the latest insights into Dogecoin whale activities with our comprehensive analysis. Discover trends, patterns, and the impact of these whales on the Dogecoin market. Stay informed with our expert analysis and stay ahead in your cryptocurrency journey.
  • Dogecoin Mining
    Dogecoin Mining
    Dogecoin mining is the process of adding new blocks of transactions to the Dogecoin blockchain. Miners are rewarded with new Dogecoin for their work. This topic provides articles related to Dogecoin mining, including how to mine Dogecoin, the best mining hardware and software, and the profitability of Dogecoin mining.
  • Spacex Starship Launch
    Spacex Starship Launch
    This topic provides articles related to SpaceX Starship launches, including launch dates, mission details, and launch status. Stay up to date on the latest SpaceX Starship launches with this informative and comprehensive resource.
  • King of Memes: Dogecoin
    King of Memes: Dogecoin
    This topic provides articles related to the most popular memes, including "The King of Memes: Dogecoin." Memecoin has become a dominant player in the crypto space. These digital assets are popular for a variety of reasons. They drive the most innovative aspects of blockchain.