The cryptocurrency market has displayed increased uncertainty over the last few days, indicating an increase in the buying-and-selling pressure in the crypto market. With this, the memecoin market has recorded the highest price action with major tokens displaying a constant volatility.
With this, investors are curious with questions like is this a good time to invest in Dogecoin? Moreover, investors are concerned about another potential crypto crash this week! In this article, we have uncovered the market sentiments and possible short-term Dogecoin price analysis.
The price of Dogecoin has dropped ~1% in 24 hours with a trading volume of $2.886 billion, a change of -53.36%. Moreover, it has lost 18.24% over th elast seven days and 30.81% in 30 days. With a market cap of $39.63 billion, it has secured the 08th position in the market.
The Moving Average Convergence Divergence (MACD) records a constant decline in the red histogram with its averages recording a similar price action in the daily time frame. This highlights an increase in the selling-over-buying pressure for the largest memecoin in the market.
On the other hand, the SMA indicator continues acting as a resistance to the Dogecoin price chart, suggesting that the meme coin may continue losing value in the upcoming time.
Maintaining the price above its support level could set the stage for this memecoin to retest its immediate resistance level of $0.325. Furthermore, if the bullish sentiment sustains, the price of DOGE token could head toward its upper resistance level of $0.385.
On the contrary, if the bears outrun the bulls, the Dogecoin price could breakdown its important support level of $0.265. Moreover, if the bearish sentiment intensifies, this could result in it plunging toward its crucial support level of $0.20750 in the coming time.
Planning on investing in the largest meme coin before the memecoin mania kickstarts? Read our latest Dogecoin Price Prediction today!
Considering the circulating supply of this memecoin and the present market sentiments, it is highly unlikely for this memecoin to achieve the $100 milestone.
If the bullish sentiment sustains, this meme coin could surpass the $1 mark this year.
At the time of writing, the value of one DOGE coin was $0.26673.
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