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- 1 DOGE forms a sideways movement to show inactive investors.
- 2 Dogecoin outshined by the new meme coin, grabbing all the attention.
Dogecoin observes a shady reaction with new meme coins gaining pace this meme coin season and lays low. The most popular dog-themed meme coins, seem to be sitting on the sidelines within the volatile market. The new meme coin, PEPE grabs most attention from the investors and claims to kill the dog-fever. The DOGE market lays calm after the turmoil caused in the past month, but this could be a sign of investors deserting the meme coin. Dogecoin hovered within the $0.08 range, despite recent volatile markets.
The Pictorial
DOGE price forms a sideways consolidation after a massive drop from its recent peak. The horizontal movement is accompanied by a vacant market as the trading volume records minimal investor participation. The current price action takes place below the EMA ribbon, reflecting a bearish trend prevailing in the market. The Bollinger Bands move parallel to each other depicting a stagnant market. A flat OBV suggests a consolidating market that awaits a breakout. The current price moves in the initial level of Fib retracement, and reflects high chances of price bounce.
DOGE price marks a stagnant market, as Super Trends form a flat bullish trend, which can be breached by bears. The CCI marks a slight difference between historical prices and the present price of Dogecoin. The MACD nears a convergence and records descending seller bars in the region below the zero-histogram mark. The RSI moves close to the 40-range and indicates a neutral market.
The Peephole
In the four-hour time frame, Dogecoin marks a bearish trend in Super Trends due to a seller-driven market. The CCI sharply drops and marks a pessimistic difference between historical prices and DOGE prices at press time. The MACD near a convergence and records declining buyer bars, which may transform into seller bars if the price witnesses a breakdown. The RSI marks a sharp fall to mark an abrupt fall in buyer interest.
Conclusion
Dogecoin marks a dormant market amid the rising meme-coin craze. The popular meme-coin faces departing investors, hinting at a probable switch from DOGE to the trending ones. The coin can continue the shallow trend and wait for a big move. The holders can watch for support near $0.07380.
Technical levels
Support levels: $0.07380 and $0.06830
Resistance levels: $0.08885 and $0.09615
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational purposes only and do not establish financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.
Nancy J. Allen is a crypto enthusiast, with a major in macroeconomics and minor in business statistics. She believes that cryptocurrencies inspire people to be their own banks, and step aside from traditional monetary exchange systems. She is also intrigued by blockchain technology and its functioning. She frequently researches, and posts content on the top altcoins, their theoretical working principles and technical price predictions.
