Crunch Time for Dogecoin (DOGE): Can the Bulls Defend the $0.10 Floor?

• DOGE is hovering within the $0.15 zone.
• Daily trading volume is down by over 28%.

With a brief spike in the crypto market, some of the digital assets are flashing green on the chart, while some rest in red. Meanwhile, the meme coin market cap is settled at $48.60 billion, after a 1.60% drop. Among the other meme tokens, the dog-themed Dogecoin (DOGE) also followed suit, with a modest loss of over 1.26%.

The recent price pattern of Dogecoin reflects a negative outlook. In the morning hours, the asset traded at a high range of $0.1546, and with the bearish encounter, the price slipped toward $0.1499. If the meme coin bears hold strong for long, the price action may see more loss. 

At the time of writing, Dogecoin traded at around $0.1508 level, with the market cap reaching $22.93 billion. Besides, the daily trading volume has plunged by over 28.28% to $1.01 billion. As per the Coinglass data, the market saw a 24-hour liquidation of $2.01 million worth of DOGE.

Will DOGE Break Below Key Support and Fall Deeper?

If DOGE fails to hold the current price range, it could sharply fall toward the support at the $0.1502 range. With the sturdy bearish correction, the meme coin might descend to its former low below $0.1495. On the upside, a bullish reversal could erase the losses, and the DOGE price might climb to the resistance at $0.1514. An extended gain could trigger the asset’s price to move up toward $0.1520 or above. 

DOGE chart (Source: TradingView)

The Moving Average Convergence Divergence (MACD) line of the meme coin is below the signal line, which indicates bearish momentum. This is seen as an early sign of a downtrend forming. Moreover, the Chaikin Money Flow (CMF) indicator at -0.02 suggests slight selling pressure in the DOGE market. Also, the money is flowing out than in. The market is not strongly bearish, but has a subtle downward tilt.

Doge’s Bull Bear Power (BBP) reading, positioned at -0.00212, hints at a very weak bearish dominance. With this negative value, the asset is nearly neutral, with the sellers having a tiny edge. Moreover, the daily Relative Strength Index (RSI) found at 48.77 implies the current neutral market sentiment. The meme coin market is significantly indecisive, and it shows no clear bullish or bearish momentum.

Top Updated Crypto News

11% Pullback Hits Humanity Protocol: Are the Bears Holding Out for a Bigger Knockdown?