Price: $0.38779 1.1261%
Market Cap: 56.96B 1.739%
Volume (24h): 8.78B 0.4%
Dominance: 1.739%
Price: $0.38779 1.1261%
Market Cap: 56.96B 1.739%
Volume (24h): 8.78B 0.4%
Dominance: 1.739% 1.739%
  • Price: $0.38779 1.1261%
  • Market Cap: 56.96B 1.739%
  • Volume (24h): 8.78B 0.4%
  • Dominance: 1.739% 1.739%
  • Price: $0.38779 1.1261%
Home > Information news > Dogecoin Faces Potential Decline in Value

Dogecoin Faces Potential Decline in Value

Release: 2024/05/14 03:48 Reading: 655

Original author:COINTURK NEWS

Original source:https://coinmarketcap.com/community/articles/664268edd221a77c81ea2171

You can also read this news on COINTURK NEWS: Dogecoin Faces Potential Decline in Value

Dogecoin (DOGE), as the buying pressure begins to wane, might be ready to witness a decline in value. The altcoin market's increasing volatility exposes it to significant price volatility risks. Here are the details on the cryptocurrency!

Current Data on DOGE!

DOGE's price has increased by 7% in the last 24 hours, yet it continues to follow a predominantly negative sentiment. At the time of writing, the token's weighted sentiment is -0.404, a metric that has been negative since May 5. A token's weighted sentiment measures the overall market sentiment surrounding it. The mentioned metric develops simple positive and negative sentiments by considering the importance of each mentioned sentiment. When it returns a negative value, the token's market succumbs to negative sentiments, hence a price drop is expected. Conversely, when the value is positive, bulls are in control.

The downward trend in the DOGE market is also confirmed by the futures market open positions on exchanges, which have been in a decline since May 8. At the time of writing, this rate stood at $9.83 billion, having dropped by 7% since then. DOGE's futures open position represents the total number of unresolved or unclosed futures contracts. This decrease indicates an increase in the number of market participants exiting their positions without opening new ones.

Price Analysis of Dogecoin

At the time of writing, DOGE is trading at a support level of $0.15. As observed on the weekly chart, the SAR indicator stands above the price, indicating a potential breakdown below this level. This indicator is used to determine potential trend directions and reversals. When dotted lines are placed above a token's price, it suggests that the market is in a downtrend. If these bearish predictions continue, the meme token's value could drop below $0.1, finding support at $0.08.

The widening gap between the upper and lower bands of the Bollinger Bands indicator signals increased market volatility, thus heightening this significant price fluctuation risk. However, if bulls regain control and DOGE's price enters an uptrend, it could initiate a rise towards the $0.17 resistance level.

The post first appeared on COINTURK NEWS: Dogecoin Faces Potential Decline in Value

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