- DOGE is currently trading around the $0.20 mark.
- Approximately $7.71 million worth of Dogecoin was liquidated.
The crypto assets are oscillating between green and red fields, as the market chooses to be indecisive. Notably, the meme coin market cap has reached $70.3 billion, after losing over 4.2%. Among the meme coins, the dog-themed Dogecoin (DOGE) has registered a slip of 0.43% in the last 24 hours.
Looking at the early hour trading pattern, the meme coin was trading at a high of $0.2086. With the bearish pressure in the Dogecoin market, the price has fallen to a low of $0.1957. As per CMC data, at the time of writing, DOGE traded within the $0.2012 mark.
The meme coin’s market cap is settled at $30.22 billion, with its daily trading volume dropping by 10.31%, reaching the $1.54 billion level. The Coinglass data reported that the market has witnessed a liquidation event of $7.71 million worth of DOGE during the last 24 hours.
Furthermore, the whales have purchased over 1 billion Dogecoin in the past 24 hours, a significant accumulation drive. This purchase is estimated to be worth around $200 million, as per Santiment‑based analysis by Ali Chart. It typically signals confidence and may act as a catalyst for a rebound.
What is Next for Dogecoin’s Price?
The technical chart analysis of DOGE exhibits that the Moving Average Convergence Divergence (MACD) line and the signal line are below the zero line. It indicates the bearish trend, with the momentum being weak.
In addition, the Chaikin Money Flow (CMF) indicator value of the meme coin at 0.03 is slightly positive, suggesting a mild buying pressure in the market. Although the Dogecoin accumulation is occurring, the strength is weak.
Moreover, the daily Relative Strength Index (RSI) is sitting at 47.55, signalling a neutral zone, mildly moving toward the bearish zone. DOGE’s Bull Bear Power (BBP) reading of -0.00490 implies the bearish dominance within the market. The price could likely continue to face downside pressure unless the momentum shifts.
DOGE’s four-hour price chart shows that it might fall to its support at the $0.2006 range. If the downside correction persists, the meme coin will likely test the subsequent support below $0.1999. Conversely, assuming the token flipped the momentum, the price may climb to its immediate resistance at around $0.2018. Further correction on the upside could push DOGE price toward $0.2024.
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