Dogecoin Price Analysis: Reasons DOGE Sell-Off Below $0.1 Imminent

Dogecoin price analysis: DOGE, a leading meme coin, has experienced a fluctuation in price over the past 24 hours following market corrections. According to CoinMarketCap data. Dogecoin price is trading at $0.1244, with a slight dip of 3% during US business hours on Friday.

The cryptocurrency’s market capitalization has also decreased, now sitting at approximately $18 billion, marking a 3% fall. Despite the day’s volatility, trading volumes have remained relatively stable, totaling around $653 million over the last 24 hours.

Dogecoin Price Analysis: Is a Recovery Possible with Current Bearish Sentiment?

The leading meme coin Dogecoin recently witnessed a significant decline, failing to surpass the resistance level at $0.13. This downturn mirrors trends seen in larger cryptocurrencies such as Bitcoin and Ethereum, with SOL also reversing its gains, impacting the broader meme coin sector.

Dogecoin Price Forecast

In the last month, Dogecoin price dropped by 24% after it fell below the crucial $0.17 mark in early June. This downturn has intensified bearish outlooks, with sellers actively pushing the price lower. Over the past week, the Meme coin has been trading between $0.14 and $0.12, reflecting ongoing market volatility.

Whale Transactions Influence the Dogecoin Market

According to Whale Alert, a significant movement of Dogecoin was detected. 86,388,901 DOGE, valued at approximately $10,630,833, was transferred from an unknown wallet to the popular trading platform Robinhood. 

86,388,901 #DOGE (10,630,833 USD) transferred from unknown wallet to #Robinhoodhttps://t.co/cSikYFcH4t

— Whale Alert (@whale_alert) June 20, 2024

This substantial transaction has raised eyebrows in the cryptocurrency community, as large transfers to exchanges can sometimes indicate a potential sell-off by major holders.

With the current market corrections, a slide under the $0.12 mark could push the Dogecoin price prediction down to its $0.11 support. Further negative shifts in market sentiment may pull DOGE down to a $0.1 threshold. 

Conversely, a renewed positive trend might lift Dogecoin above $0.13. Reaching this level could set the stage for a climb to the $0.2 barrier. Surpassing the $0.3 mark could alter its standard trading pattern, potentially setting sights on a $0.5 high.

The daily chart for Dogecoin price shows a volatile trading pattern, with notable fluctuations. The Moving Average Convergence Divergence (MACD) is trending downwards, indicating a bearish momentum as the MACD line is below the signal line. 

Dogecoin Price Forecast| Source: Tradingview

Additionally, the Relative Strength Index (RSI) stands at 32, which suggests that the asset might be approaching oversold territory.  The Average Directional Index (ADX) is currently at 34.68, suggesting a relatively strong directional movement. The Awesome Oscillator (AO) presents a value of -0.025, hinting at potential bearish momentum in the near future.

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