- DOGE’s recent rejection from the $0.14 rejection invalidated its bullish pattern.
- The meme coin marked a declining trend in its volume.
- DOGE is currently trading at $0.0809 after a 7% drop in price.
Dogecoin’s (DOGE) recent rejection from the $0.14 rejection invalidated its bullish pattern. The broader market uncertainty that can be seen in the crypto market also did not help the meme coin’s case.
Dogecoin / Tether US 1D (Source: CoinMarketCap)
DOGE’s most recent bull run helped buyers claw back above the $0.11 point after some jaw-dropping triple-digit gains. Unfortunately, the $0.14 resistance was strong enough to fend off the streak of green candles. The resulting consolidation hinted at a bullish pennant structure, but unfortunately, market uncertainty caused a breakdown below this $0.11 mark.
If the price of DOGE is able to stay above the 200-EMA, it could support buyers in preventing even further losses.
Unfortunately, this might be easier said than done as DOGE marked a declining trend in its volume. The meme coin’s daily gains have not been enough to stimulate buying pressure enough to reinforce a bullish stance.
DOGE MVRV 30d (Source: Santiment)
In addition to this, DOGE’s 30-day MVRV has turned negative over the last few days, which indicates that bears are much stronger at the moment. However, the ration markets have spiked over the last 24 hours. A price action from DOGE is yet to follow.
According to CoinMarketCap, DOGE is currently trading at $0.0809 after a 7% drop in price over the last day. The meme coin is also now in the red by more than 30% over the last week. DOGE’s 24 hour trading volume is also down by more than 50% to now stand at $1,060,830,193.
The meme coin also weakened against Bitcoin (BTC) and Ethereum (ETH) by about 4.21% and 7.03% respectively.
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