Dogecoin Price Ride Steady Downtrend Amid Wedge Formation

The Dogecoin price has consolidated between $0.115 and $0.093 for over a month. While the shorter timeframe shows this sideways action as a lack of

Dogecoin price faced selling pressure throughout September, leading to a 14.6% decline from $0.115 to $0.098. This bearish move occurred within a falling wedge pattern, indicating that traders were more inclined to sell during price rallies.

Dogecoin price trended lower in a magnificent downtrend, slipping from $0.228 to $0.097 in five months. This marked a 57% decrease in the asset’s value, and the market capitalization also slid from $14.2 Billion to $6.3 Billion.

However, if the price of this dog-themed meme coin falls below the $0.091 support level, the selling pressure will intensify and drag the asset down by 11.6% to reach $0.08.

But, the on-chain metric MVRV (Market Value to Realized Value) Ratio for the past 30-day plunged to -3.59%, according to Santiment. This negative value indicates that short-term traders are observing a loss in their investment and may exit with panic selling.

While the liquidation may cause initiation down, this signal often welcomes major players into the market to accumulate the discount price and drive the price higher.)

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