While the cryptocurrency market is enveloped in uncertainty, attention is turning to leading cryptocurrencies. Bitcoin has dropped below $60,000 and risen again, while investors’ focus seemed to shift towards meme coins, notably DOGE, which appears worth examining.
Current State of DOGE
Dogecoin (DOGE) has been under selling pressure, leading to a decline. Bitcoin (BTC) has fallen below $60,000 several times but seems to be defending this level for now. Over a 24-hour period, there was a 4.3% drop, with the price at $60,200.
Alongside this drop, DOGE also continued to see transactions in short, low ranges. During this time, the price of DOGE in Turkish Lira was calculated at 4.29 TRY, indicating an 8% drop.
The number of investors in Dogecoin has increased since April. Even this increase might not be enough to drive a price rise. Moreover, the market outlook still signals fear, and meme coins could be moving towards new lows accordingly.
DOGE Price Movement
Currently, DOGE has fallen to $0.1313, with a range (purple) forming between $0.14 and $0.165. The mid-level served as support and resistance in April, contributing to the existence of this range. The CMF indicator pointed to noticeable capital outflows in the market, standing at -0.09.
The 12-hour RSI was at 37, directly indicating a downward momentum. This view could be interpreted as a reflection of the losses experienced over the past five days. The low price range being at the 78.6% Fibonacci retracement level continued to encourage investors.
Despite the bearish outlook, the market entry and loss mitigation potential for interested investors were being acknowledged. However, indicators suggested that larger losses could occur in the future.
The Future of DOGE
Coinalyze data showed low capital inflow into the market, with clearer data from the CMF. Open Interest showed a steady decline approaching recent days, indicating that speculators were not very eager to bid.
The Spot CVD had been in a steady decline since April 22. Moreover, although the declining trend seemed to have paused in the last 24 hours, a new drop appeared to reignite it.
Nevertheless, if the Spot CVD can climb above this level, it could create an encouraging environment for investors wanting to buy at the range’s low levels.
