Dogecoin Price Prediction as Founder Comments on Bitcoin Volatility – What’s Next for DOGE?
The Dogecoin price has slumped by 3% today, falling to $0.07756 as the wider crypto market experiences a very slight 0.2% loss in the past 24 hours.
Today’s loss means that DOGE has now dropped by 9% in a fortnight and by 16% in a month, with the popular meme coin also losing 7.5% in a year.
This latter percentage loss is particularly disappointing, given that most major tokens have enjoyed double-digit percentage growth over the last 12 months.
However, with such underperformance making DOGE highly underpriced, it could lead to disproportionate gains in the not-too distant future.
Judging by its chart, DOGE appears to be about halfway through a slump, with more losses likely before its ship steadies.
Its RSI (purple) has dipped almost to 40 today, down from 60 a week ago and from 80 in mid-December.
Likewise, its 30-day average (yellow) continues to slide almost unavoidably towards its 200-day (blue), with its current price falling below both averages.
The latter development is a particularly bad sign, and likely predicts further losses to come in the next one or two weeks.
DOGE’s volume also remains relatively flat, at around $300 million, compared to over $1 billion a week ago and between $2 billion and $3 billion in December.
As such, it will be interesting to see if DOGE’s current support level (green) can prevent a drop below $0.07750.
If it can, it might be able to recover a little, yet a clear breach of this support may indicate the worst.
Having said all this, it’s entirely arguable that DOGE’s disappointing performance in recent weeks and months makes it more attractive as an investment, given that it’s conceivably selling at a big discount.
And while DOGE is a meme token, it continues to remain in the public eye and
Read more on cryptonews.com
