DOGE Disappoints After 4+% Price Drop In Just 24 Hours

One of the cryptocurrencies in the red for the day is Dogecoin (DOGE). This comes despite the fact that many believed that the price of DOGE was getting ready to rally to levels above $0.08.

This does not seem to be the case as the crypto market tracking website CoinMarketCap indicates that DOGE is trading at $0.0708 after a 4.28% drop in price over the last 24 hours. The meme coin also weakened against the two biggest cryptos in the market, Bitcoin (BTC) and Ethereum (ETH), by about 3.98% and 3.86% respectively over the last day.

Also in the red zone is DOGE’s 24-hour trading volume which stands at $329,385,805 after a more than 14% drop since yesterday. With its market cap of $9,412,329,225, DOGE is currently the 8th biggest crypto in terms of market capitalization.

3-hour chart for DOGE/USDT Source: CoinMarketCap

DOGE has dropped out of its ascending price channel, which saw its price rise from a low of $0.06581 to a local top at $0.07529. The drop out of the price channel has been accompanied by a drop below the 9-day and 20-day EMA lines as well.

DOGE’s charts have flipped very bearish as the daily RSI line is sloped negatively towards the oversold territory and has crossed bearishly below the RSI SMA line. In addition to this, the 9-day EMA has recently crossed below the 20-day EMA, which suggests that the price of DOGE will continue to fall heading into the weekend.

Disclaimer: The views and opinions, as well as all the information shared in this price analysis, are published in good faith. Readers must do their own research and due diligence. Any action taken by the reader is strictly at their own risk. Coin Edition and its affiliates will not be held liable for any direct or indirect damage or loss.

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