Dogecoin price analysis: DOGE dips 8% as BTC struggles amid fresh losses

4 months ago 25

DOGE terms is present astir 77% down from its all-time high, adjacent aft gaining 366% successful Q2

A monolithic rally during Q2 saw DOGE interruption into the apical cryptocurrencies

Dogecoin terms has declined by 8% successful the past 24 hours, and implicit 18% implicit the past week. The downturn leaves the meme coin trading astatine astir $0.164.

DOGE’s worth is seeing the reverse arsenic the wide crypto marketplace battles caller downward pressure. In the past 24 hours, apical cryptocurrencies by marketplace headdress Bitcoin (BTC) and Ethereum (ETH) person fallen beneath large enactment levels. BTC is presently battling to enactment supra $29,700, portion ETH is changing hands astir $1,750 and is susceptible to much losses.

After starting 2021 valued astatine conscionable $0.004, Dogecoin’s terms roseate to an all-time precocious supra $0.73 connected 8 May, making it 1 of the champion performing altcoins implicit the erstwhile quarter. According to a caller study by CoinGecko, “Dogecoin flew to the satellite arsenic it gained 366% and outperformed the [top five] cryptocurrencies.”

DOGE outperformed BTC, ETH, BNB, and ADA successful Q2. Source: CoinGecko

However, DOGE/USD has seen a brutal correction hitch retired astir of the gains, with existent prices astir 77% down since the all-time high.

Looking astatine the method representation for Dogecoin, it appears the bears inactive clasp the precocious manus and prices mightiness instrumentality yet different dip.

Dogecoin terms outlook

On the 4-hour chart, DOGE has retested and breached beneath a captious horizontal enactment country adjacent $0.17. The terms is besides inactive beneath the 50-day moving average, which has a sloping curve.

Meanwhile, the RSI and MACD connected the clip framework besides suggest a bearish hold, with the second indicator expanding successful the antagonistic territory.

DOGE/USD 4-hour chart. Source: TradingView

On the regular chart, DOGE/USD has bounced little aft bulls failed to interruption supra absorption astatine $0.21. The downturn includes a dip to enactment astatine $0.15, though a flimsy uptick successful buying has pushed it supra $0.16.

But the successive reddish candlesticks suggest that bears are not acceptable to springiness up immoderate crushed yet.

DOGE/USD regular chart. Source: TradingView

The RSI and MACD are each supporting a bearish outlook, with the 20-day EMA providing the main obstruction astatine $0.206. The $0.15 portion remains the cardinal terms country to watch, but if sellers negociate to interruption lower, DOGE/USD could diminution to $0.13 and past $0.10.

While the terms has struggled for an upside, the 24-hour trading measurement is up by astir 4.16% implicit the period, tying successful with the 1,250% spike seen implicit Q2. It suggests bulls are keen to bargain the latest dip adjacent arsenic they look to support the $0.15-$0.13 enactment zone.

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