The Dogecoin price has dropped by 5% in the past 24 hours, slipping to $0.077208 as the cryptocurrency market as a whole barely moves today.
Despite the dip, DOGE has risen by 2.5% in the past week and by 27% in the last 30 days, with the meme token up by 10% since the beginning of the year.
While DOGE’s performance today is slightly disappointing, one encouraging sign is that its 24-hour trading volume remains fairly elevated at $1 billion.
This volume could lead to further rallies for the meme token, which continues to wait in hope for any potential news on X’s integration of DOGE payments.
DOGE’s indicators are currently in a mixed position, with further falls potentially just as likely as new rallies.
Its RSI has declined to a level just above 50, and depending on the direction of the overall market, it could continue falling along with the Dogecoin price.
At the same time, DOGE’s 30-day average (yellow) remains above its 200-day average (blue), yet its angle has softened a little as the meme token loses momentum.
It will therefore be very interesting to see if DOGE’s current support level (green) holds up, because if the coin drops below $0.0750 it could be in for greater losses.
On the more positive side, the altcoin’s 24-hour trading volume remains healthy, having risen from barely $250 million a month ago to around $1 billion today.
This means interest in DOGE remains relatively high, and could be enough to provide the meme token with more gains in the next few days.Read more on cryptonews.com