Can DOGGO Crypto Continue Plunging Or Turn Around Soon?

• 1 Despite positive performance over the last three months, the token declined sharply last week. 
• 2 Currently, DOGGO is trading at $0.0000000073215, down by -6.13% in the last 24 hours.

Doggo crypto, known as DOGGO, is a cryptocurrency token that has been gaining attention. It was Launched in 2023. The DOGGO operates on the Solana platform and it is designed as a meme token with a playful spirit, drawing inspiration from the popularity of Dogecoin and the influence of Elon Musk in the crypto community.

Moreover, the token aims to integrate into Solana NFT projects, which serve as a staking reward, and it also supports new projects with funding. With a total supply of 100 trillion DOGGO tokens, it’s a token that mixes the viral essence of meme coins with practical use cases within the Solana ecosystem.

DOGGO Token Price Analysis Over Daily Chart

The DOGGO token price had been in an uptrend and the price was in the bull’s control earlier. However, the momentum shifted in bears’ hands after mid-March 2024 and started deteriorating.

the past price structure shows that the DOGGO performed well last month, and over the last three months, by 38.18%, and 15.16% respectively. However, DOGGO is showing bearish traits and displays could lose more value. It had demonstrated poor performance last week by -18.055, which indicates a reliable downward trend.

Since the DOGGO crypto exhibited a sign of deterioration as the price tumbled from a crucial level of around $0.000000022000 on the charts. The DOGGO crypto appears like it is nearing a drastic fall, as it hits the resistance supply level and sinks to new lows from the current support zone.

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The DOGGO asset is displaying bearishness and falling tendency as it plunges below major trend 20-day and 50-day EMA bands. Depending on the sellers’ surge the price could deteriorate further.

Similarly, the DOGO asset is exhibiting bearish weakness as MACD shows a massive bearish crossover, where the MACD line is at -0.0000000000801, the signal line is at 0.0000000003832, and the histogram curve is at -0.0000000004633. Likewise, the RSI is below 50, where the RSI line is at 45.13 and is taking resistance from 04- SMA which is at 50.26, implying that the asset is still in negative territory and can sink further down.

At the time of writing, the DOGGO crypto is experiencing a decline of -6.13% in the last 24 hours and is currently trading at $0.0000000073215.

Therefore, if the DOGGO crypto price fails to stay above the $0.0000000050000 level, it could decline further and reach lower levels.

However, if the demand for the token surges and buyers seem interested, the DOGGO asset price could bounce back from the current level. The next target for the price could be to reach $0.000000013000, and $0.000000017000.

Summary

The DOGGO token, operating on the Solana platform, is a meme-inspired cryptocurrency that has seen both uptrends and recent bearish movements. Despite a positive performance in the last month and three months, the token declined sharply last week.

Technical indicators suggest a bearish outlook, with the price currently below key moving averages and the MACD indicating a bearish crossover. The RSI is also below the midpoint, suggesting further decline.

Currently, DOGGO is trading at $0.0000000073215, down by -6.13% in the last 24 hours. If the price doesn’t hold above $0.0000000050000, it may continue to fall. Conversely, if buying interest increases, there’s a chance for a price recovery with potential targets at $0.000000013000 and $0.000000017000.

Technical Levels

Support Levels: $0.0000000050000

Resistance Levels: $0.000000013000

Disclaimer

In this article, the views, and opinions stated by the author, or any people named are for informational purposes only, and they don’t establish the investment, financial, or any other advice. Trading or investing in cryptocurrency assets comes with a risk of financial loss.