Memecoins Mania Fading Away! DOGE Price To Record New Yearly Low Soon?

The post Memecoins Mania Fading Away! DOGE Price To Record New Yearly Low Soon? appeared first on Coinpedia Fintech News

Despite the increased market volatility, the Memecoins display bearish sentiment, suggesting a change of interest among the investors. Further, the category leader, Dogecoin has recorded a neutral week as the token has experienced a correction of less than 2% in valuation.

The star memecoin traded in a closed range between $0.08931 and $0.09366 for a brief period, following which the market experienced a strong bearish move, resulting in the Dogecoin price recording a loss of approximately 15% in valuation.

TradingView: DOGE/USDT

After this, the price traded between $0.07981 and $0.08416 for three days, following which the bulls lost momentum and broke down the support level. After testing its crucial support level of $0.07597, the bulls regained momentum and pushed its price back into the range.

The DOGE price then traded sideways for about a week, indicating weak buying and selling pressure in the crypto space. The bulls struggled to hold the price above the support level of $0.07981, resulting in a price breakdown, but the bulls held the price strong above the crucial support level.

As the market volatility grew, the Doge coin price experienced a jump of approximately 10%. Since then, the price has been trading under a bearish influence and has been trading in a closed range between $0.07597 and $0.07981, suggesting a weak price action.

Will DOGE Price Rise Back Up?

The Relative Strength Index (RSI) displays a sideways trend, indicating weak buying and selling pressure in the market. Further, the averages show a bullish curve, suggesting the price will experience a significant price action soon.

If the bulls push the price above the resistance level of $0.07981, the DOGE price will prepare to test its upper resistance level of $0.08416 soon. Maintaining the price at that level will set the stage for Dogecoin to attempt to test its resistance level of $0.08931 in the coming time.

Conversely, if the bears overpowered the bulls, the memecoin would lose momentum and fall to test its support level of $0.07597. Moreover, if the bears continue to dominate the market, it will further plunge and prepare to test its lower support level of $0.07168 during the coming week.