TLDR
- Dogecoin price dropped 7.1% in the last 24 hours, currently at $0.1623.
- RSI trends indicate a potential for a bullish breakout.
- Dogecoin rose from $0.060 to over $0.300 in May-July before a drop.
- The price has fluctuated but remained within a downward trend recently.
- Market cap stands at $24.63 billion with a 48.04% increase in 24-hour trading volume.
Dogecoin, the leading meme coin in the market, has hinted at a new price structure as it prepares for a bull takeover. For the last month, the meme coin has been trading through a downward trend with a loss above 20%. However, market analysts have noted a familiar price action that will change the course.
DOGE Price Shows Potential for Bullish Breakout
According to an analysis prepared by Trader Tardigrade, Dogecoin price initially rose from around $0.060 in May, reaching a peak above $0.300 by early July. This upward trend was confirmed by the RSI breaking above a descending trendline. However, the price subsequently dropped, touching a low point near $0.160 by mid-November. During this period, the RSI showed a trend reversal, breaking below its previous uptrend. As of the current data, Dogecoin’s price has returned to the $0.160 level.
- Source: X
Given this price movement, there is potential for another bullish breakout. The RSI suggests a trendline breakout, signaling a shift in momentum. If the Dogecoin price breaks above its recent resistance levels, similar to the pattern in May and June, a renewed bullish phase could occur. The RSI and price action may align once again, leading to a potential rise in Dogecoin’s price. However, confirmation of such a move depends on further developments in price and RSI behavior.
Dogecoin Price Drops 7.1%, Showing Continued Bearish Trend
According to CoinMarketCap data at the time of press, the Dogecoin price currently stands at $0.1623, reflecting a 7.1% decrease in the last 24 hours. The market cap is $24.63 billion, with a 24-hour trading volume of $3.1 billion, showing a 48.04% increase. Over the past 24 hours, the Dogecoin price has experienced consistent decline. Starting from $0.1758, it fell steadily to $0.1623. The price chart displays a clear downward trend with minimal recovery.
- Source: CoinMarketCap
Throughout the period, the Dogecoin price fluctuated but remained mostly within the lower range. There are no significant upward movements in this timeframe, confirming a bearish sentiment. The volume-to-market cap ratio stands at 12.47%, further indicating lower trading activity relative to market capitalization. Despite the fluctuation in volume, the Dogecoin price continues to show a negative trend, with no immediate signs of reversal. This behavior aligns with recent price movements seen in the last few days, reinforcing the ongoing bearish outlook for Dogecoin price.
The post Dogecoin Price Dips to $0.1623 as RSI Indicator Hints at a Possible Breakout appeared first on Blockonomi.
This articles is written by : Nermeen Nabil Khear Abdelmalak
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