Sellers control Dogecoin (DOGE) market: memcoin price may collapse to $0.14

 

In recent days, the popular memcoin Dogecoin (DOGE) continues to move in a downtrend. The price drop is accompanied by a decline in trading volume and bearish signals from key indicators

  We break down what's happening in the Dogecoin (DOGE) market and whether the cryptocurrency has a chance for a speedy recovery.  

Bearish trend dominates the Dogecoin market

  The daily chart of Dogecoin shows that its price rate line is located below the Ishimoku cloud. At the same time, the cloud itself remains red and downward sloping, indicating that resistance levels will remain extremely strong in the near future, and bearish momentum is likely to continue to dominate the memcoin market.   So far, DOGE remains in a weak position and does not give signals of a speedy recovery. Most likely, the cryptocurrency rate will continue to move in a downtrend.     Meanwhile, BBTrend for the token has remained negative for the past two days and is -21.7 at the time of publication. Yesterday, the indicator was noticeably deeper in the negative zone - at -26.1.   Such dynamics signals that the bearish momentum is starting to weaken, although it still continues to dominate at the moment. If BBTrend continues to grow, the prospect of consolidation or breakout becomes more likely.    

DOGE forecast: whether the rate will be able to break resistance

  At the time of writing this analysis, DOGE is trading at $0.2507. Memcoin has fallen by 4.5% over the last 24 hours.
  The chart below shows that the short-term EMA lines are located below the long-term ones. This configuration indicates bearish momentum and that the downtrend remains strong.   Earlier, the BeInCrypto editorial staff analyzed what to expect from bitcoin (BTC) and Ethereum (ETH) this week.     If the situation does not change for the better, we can expect Dogecoin to fall to $0.20. If this level does not hold, then the price will face a pullback to $0.14 - the lowest level since December 10, 2024.   However, if the trend reverses, DOGE could try to recover above the $0.30 resistance. In case of a successful breakthrough of this barrier, the price will go further - to the level of $0.36, which memcoin previously failed to overcome in late January.