|
Getting your Trinity Audio player ready...
|
- DOGE broke below $0.10, signaling strong bearish pressure.
- Sellers dominate the market; bullish momentum remains weak.
- Key support levels to watch: $0.092, $0.08; recovery requires $0.10+.
Dogecoin [DOGE] has faced renewed bearish pressure, slipping below its critical $0.10 support level and testing a local low of $0.095. Despite a minor rebound to $0.099, the memecoin remains under heavy selling pressure, reflecting continued market volatility and investor uncertainty.
Bears Maintain Control Amid Market Weakness
The recent price drop highlights the dominance of sellers in Dogecoin’s market. According to TradingView’s Bulls and Bears power indicator, bears have held control for over 30 consecutive days, significantly outpacing the bulls. At press time, the Bears’ position stood at 64 versus 9 for the Bulls, showing a substantial imbalance in market influence.
Further supporting the bearish narrative, the Buyer-Seller Strength indicator reports sellers with a strength of 68, emphasizing the persistent selling pressure. Exchange data from Coinalyze confirms this trend, showing Dogecoin’s sell volume exceeding buy volume for five straight days. On the last trading day, the memecoin recorded 697 million in sell volume against 619 million in buy volume, yielding a negative Buy-Sell Delta of -78 million—a clear signal of aggressive selling.
Momentum and Indicators Point to Further Declines
Technical indicators suggest that Dogecoin’s downtrend may not be temporary. The Price Momentum Oscillator (PMO) remains negative despite a recent bullish crossover, indicating that price changes have generally trended downward. Additionally, the Relative Strength Index (RSI) has stayed below 50 for the past week, reinforcing the bearish outlook.
Analysts warn that if current momentum continues, Dogecoin could test $0.092 and potentially slide further to $0.08. For bulls to reverse this trend, DOGE would need to reclaim $0.10 and maintain a strong position above $0.11. Until then, downward pressure is likely to persist.
Also Read: Vitalik vs. Dogecoin Founder: Are Creator Tokens Doomed or Ready for a Reboot?
Bearish Pressure Dominates DOGE Market
Dogecoin’s inability to hold the $0.10 support level underscores the memecoin’s vulnerability amid persistent selling and weak bullish conviction. With technical indicators pointing toward continued downside, investors should remain cautious. Only a decisive recovery above key resistance levels could shift sentiment and restore upward momentum.
`Disclaimer: The information in this article is for general purposes only and does not constitute financial advice. The author’s views are personal and may not reflect the views of Chain Affairs. Before making any investment decisions, you should always conduct your own research. Chain Affairs is not responsible for any financial losses.`
I’m your translator between the financial Old World and the new frontier of crypto. After a career demystifying economics and markets, I enjoy elucidating crypto – from investment risks to earth-shaking potential. Let’s explore!
