Dogecoin maintained its position as the largest memecoin despite the strain it has witnessed in the last 24 hours due to declines.
were not spared from the recent market decline. While DOGE’s volume slightly increased, analysis indicated that sellers dominated it.The chart indicated that DOGE’s decline started around the 7th of June, dropping over 7%. This decline took its price from around $0.16 to $0.148.
At the end of trading on the 10th of June, DOGE was trading at around $0.144 after a decline of approximately 1.4%.The analysis also showed that the over 7% decline on the 7th of June pushed its price below its short moving average and took it below the neutral line on its Relative Strength Index , indicating a bear trend.
As of this writing, Dogecoin’s trend remained below the yellow line, which now serves as resistance around the $0.15 price range. Additionally, the RSI was below 40, indicating a strong bear trend.indicated that before its over 7% decline, DOGE’s market cap was over $23 billion. However, the market capitalization fell to around $21 billion after the decline.
The memecoin’s market capitalization in the previous trading session was still around $20.9 billion. However, the recent decline has pushed the market cap to around $20.5 billion.volume increased by over 38%. AMBCrypto’s look at the volume on Santiment indicated that it was over $940 million as of this writing.The volume trend suggests that there are more sellers than buyers, which is why the price has declined despite the recent increase in volume.Adewale is a full-time journalist at AMBCrypto.
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