As it has been over the past four days, Dogecoin price remains on a dip, and in the past 24 hours, it has declined by 19%. Traders started taking profit on the DOGE following the rise to a price of $0.339 towards the end of last month. If the DOGE price keeps falling, traders’ sentiment might shift away from this dog-themed cryptocurrency towards other meme-cryptocurrency.
DOGE Price Falls Below Critical Levels
The DOGE/USD 24-hour chart shows a decline in price below the 20-day and 50-day EMA with no apparent indication of when the decline will stop. The 52.18 RSI score suggests that the DOGE market might be undervalued. However, there is an indication of price volatility as DOGE’s current price is close to the mid-point of the Bollinger band.
There is no apparent control of the market between the bulls and the bears as trading volumes declined by about 200% from that of the last month-end. As of this writing, DOGE’s price is $0.2646, and its market cap is approximately $831m. Expectedly, DOGE’s market cap is now only 1% of the global digital asset market cap.
Aiming For A Bullish Hammer Pattern
The 4-hour chart indicates that DOGE is making efforts to surge past the previous two trading sessions. This suggests the start of a bullish hammer pattern – a situation where the bulls enter the market to save the price of an asset from dipping further than its current price.
Yet, this pattern hasn’t had any effect because the DOGE price is still beneath the key EMAs, while the RSI value is still at 45.56, with the MACD line sitting within the negative zone. These weak technical indicators suggest that the following short-term trading sessions will determine the price course and whether that course can be maintained.
DOGE/USD 4-hour chart. Source: TradingView
DOGE’s current price presents a chance for the bulls to take charge, but neither the bears nor the bulls are ready to be in charge. The 4% decline in intra-day trading and 18.5% decline in trade volume indicates market stagnancy. Right now, the continued decline in price without any sign of respite has put the market temporarily on hold. Buyers might still look to enter the market despite the market hitting its support levels.
Dogecoin Co-Founder Wants Nothing To Do With Shiba Inu
Billy Markus has tweeted that he doesn’t have and would want to have any relationship with SHIB. He also said he’s had to get rid of his site’s contact form as members of the SHIB army keep sending him spam messages through it.
While some early Dogecoin adopters became rich after the memecoin’s market cap rose to more than $85B, others didn’t enjoy such privileges. Billy Markus is one of the others, as he revealed that he sold the majority of his DOGE holdings six years ago after he lost his job and had financial problems. However, his lack of a huge DOGE portfolio hasn’t stopped him from being highly engaged with the DOGE community.