Dogecoin Price Prediction as Bearish Sentiment Looms – A Downward Trend in Store?
The Dogecoin price has jumped by 2.5% in the past hour, rising to $0.08049 following a poor weekend for the meme coin and the wider crypto market.
Despite this morning’s lift, DOGE recent bad fortunes mean that it’s flat in the past 24 hours, down by 2% in a week and also down by 10% in the last 30 days.
It has also declined by 10% in the past hour, a percentage that underlines the poor 2023 it had, especially in contrast to other major tokens.
However, while DOGE has disappointed, the market has oversold for too long, so today’s move may be the start of a rebound.
DOGE’s indicators have been in the red for so long that it wouldn’t be surprising that the meme token has just begun a resurgence.
Most notably, its relative strength index (purple) had languished below 50 (if not 40) since the beginning of the year, although has risen today.
Much the same goes for its 30-day moving average (yellow), which has slid gradually since the New Year, with only a brief interruption for when the SEC approved 11 Bitcoin ETFs a couple of weeks ago.
As such, it’s entirely credible to claim that now is as good a time as any for a Dogecoin comeback, especially when its 2023 was so bad.
Its support level (green) has held up well in recent weeks, suggesting that it had reached a bottom and was ready to return to growth.
A great start on a Monday! #dogecoin pic.twitter.com/AM5U8bOSgm
— The Coach
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