Momentum

Dogecoin

Coin

<p><strong><a href="https://captainaltcoin.com/dogecoin-price-prediction/" target="_blank" rel="noopener noreferrer nofollow">Dogecoin (DOGE)</a> has been in a steady downtrend since hitting highs of $0.73 in May 2021. The meme-inspired cryptocurrency is currently trading below the key support level of $0.06, which has now turned into resistance.</strong></p>
<p><strong><a href="https://x.com/AltcoinSherpa/status/1712086737990635956?s=20" target="_blank" rel="noopener noreferrer nofollow">According</a> </strong>to prominent crypto analyst Altcoin Sherpa, Dogecoin is not looking positive technically or fundamentally at the moment: <em>“Not seeing any movement on this one, it’s at a key 0.057 area but I don’t see any reason to buy this one right now. Been a while since I looked at this chart, ugly stuff.”</em></p>
<figure class="wp-block-image size-large">
 <img loading="lazy" width="1024" height="505" src="https://captainaltcoin.com/wp-content/uploads/2023/10/image-279-1024x505.png" alt="">
</figure>
<p>On-chain data from Santiment shows that Dogecoin has hit 2-month lows in terms of social volume, dropping to levels not seen since August 2023. This indicates fading interest and chatter around DOGE, which is generally a bearish sign.</p>
<figure class="wp-block-image size-large">
 <img loading="lazy" width="1024" height="347" src="https://captainaltcoin.com/wp-content/uploads/2023/10/DOGECOIN-DATA-1024x347.png" alt="">
</figure>
<p><em>Source: <strong><a rel="noopener noreferrer nofollow" target="_blank" href="https://captainaltcoin.com/go/santiment/">Santiment – Start using it today</a></strong></em></p>
<p>Additionally, the SEC is pursuing a case against Elon Musk, who has been a major Dogecoin bull and advocate. This legal action could weigh negatively on DOGE if Musk disengages from actively promoting the cryptocurrency.</p>
<p>Technically, DOGE recently broke down from a descending triangle pattern, opening up downside risk towards the next support around $0.053. Momentum is decisively bearish, with the MACD line below the signal line and RSI below 45.</p>
<p>Given the confluence of negative technicals, on-chain data, and potential legal overhangs, traders may want to avoid DOGE for now or even consider short positions. The path of least resistance appears to be to the downside until buyer conviction returns to overwhelm the selling pressure.</p>
<div class="bigofferblock margincenter mb30 pt20 pl20 pr20 " style="">
 <div class="col_wrap_two mb0">
  <div class="offerbox_big_wrap flowhidden">
   <div class="image position-relative text-center col_item mobileblockdisplay img-maxh-350 img-width-auto">
    <a href="https://captainaltcoin.com/go/etoro/" target="_blank" rel="noopener noreferrer nofollow"> <img width="500" alt="We recommend eToro" src="https://captainaltcoin.com/wp-content/themes/rehub-theme/images/default/blank.gif"> </a>
   </div>
   <div class="product-summary col_item mobileblockdisplay">
    <h3 class="product_title entry-title font150 lineheight25 mb30" id="a-href-https-captainaltcoin-com-go-etoro-target-_blank-rel-noopener-noreferrer-nofollow-span-we-recommend-etoro-span-a"><a href="https://captainaltcoin.com/go/etoro/" target="_blank" rel="noopener noreferrer nofollow"> <span>We recommend eToro</span> </a></h3>
    <div class="rev_disclaimer font70 greencolor lineheight15 mb20">
     <strong>74% of retail CFD accounts lose money.</strong>
    </div>
    <div class="buttons_col mb25 rh_big_btn_inline">
     <div class="priced_block clearfix">
      <div>
       <a href="https://captainaltcoin.com/go/etoro/" target="_blank" rel="noopener noreferrer nofollow"> Visit eTor Now </a>
      </div>
     </div>
    </div>
    <div class="bigofferdesc">
     <i> </i>Active user community and social features like news feeds, chats for specific coins available for trading. <br><i> </i>Wide range of assets: cryptocurrencies alongside other investment products such as stocks and ETFs. <br><i> </i>Copy trading: allows users to copy the trades of leading traders, for free. <br><i> </i>User-friendly: eToro’s web-based platform and mobile app are user-friendly and easy to navigate. <br><i> </i>eToro offers staking for certain popular cryptocurrencies like ETH, ADA, XTZ etc.
    </div>
   </div>
  </div>
 </div>
</div>
<p>The post <a rel="noopener noreferrer nofollow" href="https://captainaltcoin.com/skip-dogecoin-for-now-technicals-and-sentiment-point-to-further-downside-for-the-meme-coin-king/">Skip Dogecoin For Now, Technicals and Sentiment Point to Further Downside for the Meme Coin King</a> appeared first on <a rel="noopener noreferrer nofollow" href="https://captainaltcoin.com">CaptainAltcoin</a>.</p>

Skip Dogecoin For Now, Technicals and Sentiment Point to Further Downside for the Meme Coin King

Table of Contents

CaptainAltcoin

Other articles published on Oct 12, 2023

Join our free newsletter for daily crypto updates!