Dogecoin [DOGE] investors have been struggling for multiple days as its weekly chart and daily chart remained red.
Dogecoin’s price dropped by over 4% in the last 24 hours, but there are chances of a trend reversal.investors have been struggling for multiple days as its weekly chart and daily chart remained red. Things can get even worse as the memecoin fell below a critical support level.revealed that the world’s largest memecoin’s price dropped by more than 11% in the last seven days. In the last 24 hours alone, the coin’s value declined by more than 4%.
At the time of writing, DOGE was trading at $0.119 with a market capitalization of over $17.2 billion. The memecoin was testing a crucial support at press time.AMBCrypto planned to take a look at DOGE’s metrics to see whether the memecoin can test the support. Our analysis of IntoTheBlock’s data revealed that 72% of DOGE investors were in profit.As per our analysis, DOGE investors’ average balance dropped to $2.
Additionally, its Daily Active Address dropped after spiking on the 20th of June, reflecting a decline in the memecoin’s usage. The memecoin’s Weighted Sentiment also remained in the negative zone, hinting that bearish sentiment around the coin was dominant in the market.AMBCrypto then planned to take a look at DOGE’s daily chart to see what indicators suggested about the memecoin’s upcoming days.However, the Relative Strength Index was about to enter the oversold zone, which might increase buying pressure and lift the memecoin’s price. The MACD also displayed the possibility of a bullish crossover.
If a trend reversal happens, then DOGE would first touch $0.127. A breakout above that level might allow it to reach $0.148 in the coming weeks.Dipayan is a full-time journalist at AMBCrypto. He has 2 years of experience in the content creation industry. A graduate in journalism, Dipayan has a keen interest in keeping himself updated with the latest developments in the crypto-space. He is a singer and a guitarist who also enjoys going on long bike rides.Subscribe to get it daily in your inbox.
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