Dogecoin Limps In A Bearish Market: What Traders Should Watch Out For
10 Maio 2023 - 6:06AM
NEWSBTC
Dogecoin (DOGE) has recently experienced a rather rough ride. The
daily chart of Dogecoin was overly bearish, with trading volumes
stunted and negative sentiment growing among investors. In
the face of the recent downturn in Dogecoin’s fortunes, many
investors are grappling with the question of whether it’s time to
cut their losses and move on. The bearish trend in the Dogecoin
daily chart has cast a cloud of uncertainty over the future of this
once-popular cryptocurrency. As the popular meme coin
struggles to regain its footing, investors are left to ponder what
factors have contributed to its decline. Related Reading: PEPE
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Uncertainty Looms As Dogecoin Faces Price Slump DOGE has
experienced a bearish breakout from its previous price
consolidation range since May 8, according to TradingView. This
comes after DOGE hit the price ceiling near $0.1000 on April 18,
after which it sustained a price dump. The current DOGE price of
$0.0731 on CoinGecko suggests a mixed bag of fortunes, with a
slight 1.07% rally in the past 24 hours and a slump of 6.8% over
the past seven days. Source: CoinMarketCap However, the
overall trend indicates a depreciation of over 20% since the second
half of April. Investors are now questioning whether the price dip
is temporary or a sign of more trouble ahead for the meme-inspired
cryptocurrency. Source: Coingecko DOGE has always been a volatile
investment option, with its price going through several cycles of
surges and crashes. However, the recent slump in the coin’s
price has been particularly worrying, as it appears to be part of a
larger trend of bearishness in the cryptocurrency market. On Low
Trading Volumes And Sudden Price Swings The recent bearish
breakout and price slump of Dogecoin has raised questions among
traders about what lies ahead. With the cryptocurrency market in a
state of flux, it’s important to keep a close eye on the factors
that could influence DOGE’s price movements in the coming days and
weeks. One key factor to watch out for is trading volume. Low
trading volumes can make DOGE vulnerable to sudden price swings,
which could either trigger a sharp price increase or a steep
decline. In addition, negative sentiment towards DOGE could
exacerbate its current bearish trend, as more traders become wary
of investing in a cryptocurrency that seems to be losing its
momentum. DOGE total market cap slightly above the $10 billion
level. Chart: TradingView.com Related Reading: Bitcoin Price In A
Turbulent Week: This Crypto Market Strategist Weighs In Another
factor to consider is the broader cryptocurrency market. DOGE’s
performance are often closely tied to the overall market sentiment,
so any major changes in the market could have a significant impact
on the coin’s price movements. In particular, news or developments
related to major cryptocurrencies such as Bitcoin and Ethereum
could influence DOGE’s price trends. While there is always the
potential for DOGE to bounce back, sellers could gain more ground
if low trading volumes and bearish sentiment persist in the coming
days and weeks. -Featured image from PetHelpful
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