Furthermore, Dogecoin's creator, Billy Markus, characterized the DOGE community as "dead" in a recent Twitter exchange, emphasizing a lack of active engagement. Traditionally, DOGE experiences rallies following mentions by the Tesla CEO, but the current lack of engagement contributes to DOGE's stagnant state. Community Engagement Impact on Dogecoin's StagnationĮlon Musk, the self-proclaimed "DOGE father," has notably remained quiet about Dogecoin recently. The Relative Strength Index (RSI) at 39 points to selling activity, with the RSI line showing stagnation, suggesting a cautious approach by market participants. The Moving Average Convergence Divergence (MACD) line suggests bearish momentum, yet the green histogram bars hint at a potential upcoming rebound. Although this pattern may seem ominous, historically, it's followed by a near-term rebound. The price trend for Dogecoin has formed a death cross, with the 50-day simple moving average (SMA) crossing below the 100-day SMA. The low trading volumes indicate hesitancy among buyers and sellers, awaiting critical price levels. However, a drop below $0.0616 is likely to exert selling pressure, potentially causing DOGE to plummet to the September 11 level of $0.0597. A minor increase to $0.0625 is anticipated if more buyers accumulate at these levels.
Dogecoin's Price Movements and Support Levelsĭogecoin has consistently rebounded from the $0.0621 support level, often serving as an entry point for buyers. The decline in trading volumes signifies a prevailing bearish sentiment. Over the last 24 hours, DOGE's trading volumes decreased by approximately 18%, amounting to $138 million. This trend can be attributed to low trading volumes, which have limited significant price movements. However, within the last 24 hours, the meme coin experienced a slight dip of 0.1%. In the past week, Dogecoin (DOGE) has demonstrated a marginal gain of 0.7%.
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