Dogecoin Price Drops More Than 21% in a Month After a Slight Dip in the Last 24 Hours to Trade at $0.1038

The Dogecoin value has slumped greater than 21% in a month after a slight drop up to now 24 hours to commerce at $0.1038 as of 11:40 p.m. EST.

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The Dogecoin value has slumped greater than 21% in a month after a slight drop up to now 24 hours to commerce at $0.1038 as of 11:40 p.m. EST.

Through the earlier day of buying and selling, the DOGE value fell to an intraday low of $1.1014. It has since recovered to commerce at its present stage, which can be nearer to its 24-hour excessive of $1.1056 than its low for a similar interval.

The continued drop in DOGE’s value over the previous 24 hours got here regardless of an X submit by SpaceX and Tesla founder Elon Musk in response to stories that former President Donald Trump would contemplate providing him a cupboard submit if he’s elected in November.

“I’m keen to serve,” was the caption for the Aug. 20 submit on X, which included an image of Musk standing behind a podium with the phrases “Division of Authorities Effectivity (D.O.G.E).”

Up to now, Musk’s DOGE-related posts have boosted the meme coin’s value. Nevertheless, his affect on DOGE appears to be waning, because the meme coin trades within the pink.

Consolidation Continues For Dogecoin Value

4-hour chart for DOGE/USD (Supply: GeckoTerminal)

The Dogecoin value was unable to beat the resistance stage at $0.1074 up to now 24 hours. In consequence, the meme coin now trades inside a consolidation channel between this stage and the speedy assist stage at $0.0949. DOGE has traded inside this vary for the final a number of days.

If sellers determine to promote their holdings in DOGE, the crypto may stand the chance of testing the $0.0949 technical assist web quickly. A drop beneath this mark may then result in the Dogecoin value falling to as little as $0.0844 within the quick time period.

Alternatively, the Dogecoin value managing to beat the $0.1074 barrier throughout the subsequent 24-48 hours may invalidate the bearish thesis. A 4-hour candle shut above $0.1074 may then be seen as a protracted entry by merchants. This potential purchase stress may find yourself pushing DOGE to the subsequent main resistance stage at $0.1210.

Technical Indicators Point out Potential Downturn

4-hour chart for DOGE/USD (Supply: GeckoTerminal)

Technical indicators on DOGE’s 4-hour chart counsel the meme coin’s value may drop within the subsequent 14 hours. Each the Relative Power Index (RSI) and Transferring Common Convergence Divergence (MACD) present indicators of diminishing purchaser energy, which may open up a possibility for sellers to achieve management.

All through the earlier buying and selling session, RSI readings have dropped from 62 to 54. Declining RSI readings are sometimes seen as a sign of bulls making use of much less stress on a value. Though the RSI stays above the 50 benchmark to sign that consumers nonetheless have the higher hand, it’s now a lot simpler for sellers to achieve management of DOGE ought to they select to take action.

In the meantime, the MACD line has collapsed in on the MACD Sign line over the previous 24 hours to counsel that DOGE’s bullish development is reaching its finish. An intersection between these two strains within the coming couple of days will point out that the Dogecoin value has entered a brand new bearish development.

Whereas DOGE continues to commerce sideways, traders are dashing to purchase PlayDoge (PLAY) because the meme coin’s ICO enters its closing stage.

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