Dogecoin dips below $0.15, sellers take control: What now, DOGE?

Dogecoin's Market Cap Slides to $20.5 Billion

Dogecoin (DOGE) and other memecoins have been hit hard by the recent market downturn. DOGE's market capitalization has fallen to $20.5 billion, a loss of over 7% in the past seven days.

Dogecoin's Decline

Analysis of Dogecoin's daily chart shows that it began declining before the general market downturn. On June 7th, DOGE fell by over 7%, dropping from around $0.16 to $0.148.

On June 10th, DOGE was trading at around $0.144, down approximately 1.4%. As of this writing, it is trading at around $0.141, a further decline of over 2%.

The decline has pushed DOGE's price below its short moving average (yellow line) and the neutral line on its Relative Strength Index (RSI), indicating a bearish trend. Dogecoin remains below the yellow line, which now serves as resistance around $0.15. The RSI is also below 40, further confirming the bearish trend.

Market Cap Decline

Dogecoin's market capitalization has declined significantly over the past few days. Before the 7% decline, DOGE's market cap was over $23 billion. However, it fell to around $21 billion after the drop.

In the previous trading session, DOGE's market cap was around $20.9 billion. The recent decline has pushed it down to $20.5 billion. Despite the drop, DOGE remains the largest memecoin.

Increased Volume, Dominated by Sellers

Dogecoin's volume has increased by over 38% in the last 24 hours. However, this is not a positive sign due to the direction of the price.

The volume trend suggests that there are more sellers than buyers, which is why the price has declined despite the increase in volume.

Conclusion

Dogecoin has suffered significant declines in recent days, with its market cap falling below $21 billion. Sellers are currently dominating the market, indicating a bearish trend for the memecoin.