- DOGE sees an inflow of sell pressure over the last hour.
- Price action for the meme token shows that the bullish momentum may return.
- If bulls step in, then the next target would be $0.065.
The crypto market tracker CoinMarketCap shows that the price of Dogecoin (DOGE) is down 0.82% over the past 24 hours. This is mainly due to the amount of sell pressure that has entered the market in the last hour, as DOGE’s price is down 1.53% within the hour.
However, DOGE’s trading volume is up for the day by around 9.29% at the time of writing. Currently, the 24-hour trading volume for DOGE is $319,487,199. Its market capitalization also stands at $8,166,320,292 – making it the 10th largest crypto by market cap.
There is also minimized selling pressure as well as any activity where DOGE’s price could potentially revert and surpass $0.0625.
Sellers lack the aggressiveness that they once had since the price of DOGE was only able to reach some of the lower lows. Nevertheless, the meme token’s price is still down over the last couple of days.
Following DOGE’s recent spike, the token tested the key support at $0.060. Furthermore, it has been observed that its price has nosedived but was unable to break below the $0.060 level. This implies the formation of a double bottom reversal pattern.
In addition to the pattern formation on the 4-hour chart, the RSI indicator is in neutral territory and the MACD line rests above the MACD signal line.
With that being said, the bullish movement may soon return to help DOGE holders recover some of the losses incurred in the past week. If bulls step in, then the price of DOGE may look to flip the resistance at $0.065 into support.
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