Dogecoin

Rekt

Elon Musk

<p><strong><a href="https://captainaltcoin.com/dogecoin-price-prediction/" target="_blank" rel="noopener noreferrer nofollow">Dogecoin</a>, the popular meme-inspired cryptocurrency, has seen its price decline significantly in recent weeks. The self-proclaimed “fun and friendly internet currency” is down over 75% from its all-time high of $0.73 in May 2021. This prolonged crash begs the question – what’s causing the Dogecoin downturn?</strong></p>
<p>According to crypto analyst Rekt Capital, Dogecoin is still trading below the key support level of $0.06 which has now become resistance. This indicates bearish sentiment and lack of buying pressure.</p>
<p>Rekt Capital points out that the potential bullish divergence signaled by the RSI earlier is also no longer valid. This divergence would have suggested gathering upside momentum despite the downtrend. However, Dogecoin’s failure to reclaim the previous lower low support level has invalidated this bullish signal.</p>
<figure class="wp-block-image size-large"><img decoding="async" loading="lazy" width="1024" height="726" src="https://captainaltcoin.com/wp-content/uploads/2023/10/DOGECOIN-CHART-1024x726.png" alt="" class="wp-image-358608" srcset="https://captainaltcoin.com/wp-content/uploads/2023/10/DOGECOIN-CHART-1024x726.png 1024w, https://captainaltcoin.com/wp-content/uploads/2023/10/DOGECOIN-CHART-300x213.png 300w, https://captainaltcoin.com/wp-content/uploads/2023/10/DOGECOIN-CHART-767x544.png 767w, https://captainaltcoin.com/wp-content/uploads/2023/10/DOGECOIN-CHART-1536x1089.png 1536w, https://captainaltcoin.com/wp-content/uploads/2023/10/DOGECOIN-CHART-2048x1452.png 2048w, https://captainaltcoin.com/wp-content/uploads/2023/10/DOGECOIN-CHART-140x100.png 140w, https://captainaltcoin.com/wp-content/uploads/2023/10/DOGECOIN-CHART-212x150.png 212w, https://captainaltcoin.com/wp-content/uploads/2023/10/DOGECOIN-CHART-100x71.png 100w, https://captainaltcoin.com/wp-content/uploads/2023/10/DOGECOIN-CHART-494x350.png 494w, https://captainaltcoin.com/wp-content/uploads/2023/10/DOGECOIN-CHART-788x558.png 788w, https://captainaltcoin.com/wp-content/uploads/2023/10/DOGECOIN-CHART.png 1786w" sizes="(max-width: 1024px) 100vw, 1024px">
</figure>
<p><em>Source: Rekt Capital</em></p>
<p>Overall, Rekt Capital notes that macro conditions haven’t changed much for Dogecoin – it continues to consolidate near the bottom of its trading channel. Unlike previous cycles, the <a class="wpil_keyword_link" href="https://captainaltcoin.com/meme-coins/" title="meme" data-wpil-keyword-link="linked" target="_blank" rel="noopener noreferrer nofollow">meme</a> coin has so far failed to rebound strongly off the channel bottom at around $0.05.</p>
<p>This lack of bullish momentum is concerning for Dogecoin holders. Without a strong catalyst like Elon Musk tweets which pumped Dogecoin earlier, the meme coin seems unable to reverse its downtrend.</p>
<p>Fundamentally, Dogecoin also lacks active development and real-world utility compared to more promising blockchain projects. This casts doubt on its long-term viability beyond being a speculative asset.</p>
<p>In conclusion, Dogecoin’s extended crash can be attributed to bearish sentiment, lack of buying support and fundamentals. Without a major reversal, the meme coin king’s troubles look set to continue. Investors may want to look beyond hype-driven assets in the current crypto winter.</p>
<p>Also read – <a href="https://captainaltcoin.com/dogecoin-doge-price-can-reach-1-according-to-crypto-analyst-but-theres-a-big-catch/" target="_blank" rel="noopener noreferrer nofollow">Dogecoin (DOGE) Price Can Reach $1 According to Crypto Analyst, but There’s a Big Catch</a></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 class="re_track_btn" href="https://captainaltcoin.com/go/etoro/" target="_blank" rel="noopener noreferrer nofollow"> <img decoding="async" class="lazyload" data-skip-lazy="" data-src="https://captainaltcoin.com/wp-content/uploads/thumbs_dir/etoro-ca-1-oyc386si1bdrmhrff7xex5ngu4zikfy3ei6bk0rbb6.png" 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-class-re_track_btn-href-https-captainaltcoin-com-go-etoro-target-_blank-rel-noopener-noreferrer-nofollow-span-we-recommend-etoro-span-a"><a class="re_track_btn" 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 class="re_track_btn btn_offer_block" href="https://captainaltcoin.com/go/etoro/" target="_blank" rel="noopener noreferrer nofollow"> Visit eToro Now </a>
      </div>
     </div>
    </div>
    <div class="bigofferdesc"><i class="vertmiddle mr10 rhicon rhi-check-circle-solid greencolor font130"> </i>Active user community and social features like news feeds, chats for specific coins available for trading. <br><i class="vertmiddle mr10 rhicon rhi-check-circle-solid greencolor font130"> </i>Wide range of assets: cryptocurrencies alongside other investment products such as stocks and ETFs. <br><i class="vertmiddle mr10 rhicon rhi-check-circle-solid greencolor font130"> </i>Copy trading: allows users to copy the trades of leading traders, for free. <br><i class="vertmiddle mr10 rhicon rhi-check-circle-solid greencolor font130"> </i>User-friendly: eToro’s web-based platform and mobile app are user-friendly and easy to navigate. <br><i class="vertmiddle mr10 rhicon rhi-check-circle-solid greencolor font130"> </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/dogecoin-price-crash-heres-why-the-meme-coin-king-is-struggling-expert/">Dogecoin Price Crash: Here’s Why the Meme Coin King is Struggling – Expert</a> appeared first on <a rel="noopener noreferrer nofollow" href="https://captainaltcoin.com">CaptainAltcoin</a>.</p>

Dogecoin Price Crash: Here’s Why the Meme Coin King is Struggling – Expert

Table of Contents

CaptainAltcoin

Other articles published on Oct 18, 2023

Accept Payments in Tether Cryptocurrency on Your Website

SBF Trial – Forensic accountant reveals almost 70% of Alameda’s loans were serviced with FTX cust...

Analysts Predict When The Rollercoaster Is Over For Ripple (XRP), Chainlink (LINK), Polygon (MATI...

Standard Chartered Muscling Into Asian Crypto Space

OpenAI’s DevDay Conference and the Rumors of AGI Breakthrough

Prosus Updates on Open-ended Share Repurchase Programme

Join our free newsletter for daily crypto updates!