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<p><strong><a href="https://captainaltcoin.com/dogecoin-price-prediction/" target="_blank">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="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> 
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 <img decoding="async" loading="lazy" width="1024" height="505" src="https://captainaltcoin.com/wp-content/uploads/2023/10/image-279-1024x505.png" alt="" class="wp-image-353886" srcset="https://captainaltcoin.com/wp-content/uploads/2023/10/image-279-1024x505.png 1024w, https://captainaltcoin.com/wp-content/uploads/2023/10/image-279-300x148.png 300w, https://captainaltcoin.com/wp-content/uploads/2023/10/image-279-766x378.png 766w, https://captainaltcoin.com/wp-content/uploads/2023/10/image-279-1536x758.png 1536w, https://captainaltcoin.com/wp-content/uploads/2023/10/image-279-2048x1010.png 2048w, https://captainaltcoin.com/wp-content/uploads/2023/10/image-279-304x150.png 304w, https://captainaltcoin.com/wp-content/uploads/2023/10/image-279-100x49.png 100w, https://captainaltcoin.com/wp-content/uploads/2023/10/image-279-709x350.png 709w, https://captainaltcoin.com/wp-content/uploads/2023/10/image-279-788x388.png 788w" sizes="(max-width: 1024px) 100vw, 1024px">
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<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> 
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 <img decoding="async" loading="lazy" width="1024" height="347" src="https://captainaltcoin.com/wp-content/uploads/2023/10/DOGECOIN-DATA-1024x347.png" alt="" class="wp-image-353878" srcset="https://captainaltcoin.com/wp-content/uploads/2023/10/DOGECOIN-DATA-1024x347.png 1024w, https://captainaltcoin.com/wp-content/uploads/2023/10/DOGECOIN-DATA-300x102.png 300w, https://captainaltcoin.com/wp-content/uploads/2023/10/DOGECOIN-DATA-768x260.png 768w, https://captainaltcoin.com/wp-content/uploads/2023/10/DOGECOIN-DATA-1536x520.png 1536w, https://captainaltcoin.com/wp-content/uploads/2023/10/DOGECOIN-DATA-2048x693.png 2048w, https://captainaltcoin.com/wp-content/uploads/2023/10/DOGECOIN-DATA-443x150.png 443w, https://captainaltcoin.com/wp-content/uploads/2023/10/DOGECOIN-DATA-100x34.png 100w, https://captainaltcoin.com/wp-content/uploads/2023/10/DOGECOIN-DATA-1034x350.png 1034w, https://captainaltcoin.com/wp-content/uploads/2023/10/DOGECOIN-DATA-788x266.png 788w" sizes="(max-width: 1024px) 100vw, 1024px">
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<p><em>Source: <strong><a class="thirstylink" rel="nofollow" target="_blank" title="Santiment" href="https://captainaltcoin.com/go/santiment/" data-shortcode="true">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> 
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<p>The post <a rel="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="nofollow" href="https://captainaltcoin.com">CaptainAltcoin</a>.</p>

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

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