thenewscrypto.com
- DOGE has slipped by 4%, trading at $0.22.
- The market has seen $17.10 million in liquidations.
With the potential bear hold, all assets are charted in red across the board. Following suit, the meme coin market cap has dropped by over 4.9%, reaching $79.2 billion. Among them, Dogecoin (DOGE), the dog-themed token, took a hit, slipping by over 4.74% in the last 24 hours.
DOGE opened the day trading at a high of $0.2375. The price has plunged to its daily low of $0.223, as the bears took command of the asset. According to CMC data, at press time, Dogecoin trades within the $0.2292 range, with its market cap at $34.47 billion.
Moreover, the daily trading volume of the meme coin has spiked by over 3.15%, reaching $2.57 billion. As reported by the Coinglass data, the market has observed a 24-hour liquidation of $17.10 million worth of DOGE during this time span.
A chart analysis shows that in the past 24 hours, the whales have accumulated approximately 130 million DOGE during a dip, boosting their overall holdings from 49.26B to 50.79B DOGE. Sustained accumulation by whales often precedes upward momentum in price charts.
Can DOGE Stage a Comeback?
DOGE’s Moving Average Convergence Divergence (MACD) line and signal line are settled below the zero line. This indicates that the asset is in a bearish zone. For the upside move to loom, a strong bullish crossover should occur and push both lines above zero. Besides, the Chaikin Money Flow (CMF) indicator value at -0.05 suggests mild selling pressure in the market. Also, the outflows slightly outweigh the inflows, with the potential for continued downside.
With the bearish market sentiment, the meme coin’s four-hour price chart reveals that it might drop and test the nearby support at $0.2286. The price could steeply fall toward its former low below the range of $0.2280 as the downside correction strengthens. If DOGE bulls regained momentum, the price could reclaim the $0.2298 level. A steady correction on the upside might likely pave the way to bring in a retest of the $0.2305 resistance zone.
The meme coin’s Bull Bear Power (BBP) reading of -0.00818 hints that the bears are currently dominant. It signals consolidation or a potential reversal if the bulls start gaining strength. In addition, DOGE’s daily Relative Strength Index (RSI), found at 43.14, points to it being currently in neutral to slightly bearish territory, with no strong overbought or oversold signs.