Convergence

Dogecoin

Divergence

Dogecoin price analysis: DOGE, a leading <a href="https://coingape.com/top-dog-themed-memecoins/" rel="noopener noreferrer nofollow">meme coin</a>, has experienced a fluctuation in price over the past 24 hours following market corrections. According to <a rel="noopener noreferrer nofollow" href="https://coinmarketcap.com/">CoinMarketCap</a> data. Dogecoin price is trading at $0.1244, with a slight dip of 3% during US business hours on Friday.
The cryptocurrency’s market capitalization has also decreased, now sitting at approximately $18 billion, marking a 3% fall. Despite the day’s volatility, trading volumes have remained relatively stable, totaling around $653 million over the last 24 hours.
<h2 id="span-style-font-weight-400-dogecoin-price-analysis-is-a-recovery-possible-with-current-bearish-sentiment-span">Dogecoin Price Analysis: Is a Recovery Possible with Current Bearish Sentiment?</h2>
The leading meme coin Dogecoin recently witnessed a significant decline, failing to surpass the resistance level at $0.13. This downturn mirrors trends seen in larger cryptocurrencies such as <a href="https://coingape.com/standard-chartered-becomes-first-bank-launch-spot-bitcoin-ethereum-trading/" rel="noopener noreferrer nofollow">Bitcoin</a> and Ethereum, with SOL also reversing its gains, impacting the broader meme coin sector.
<figure id="attachment_203600" aria-describedby="caption-attachment-203600" style="width: 100%" class="wp-caption aligncenter"><img decoding="async" class="size-full wp-image-203600" src="https://coingape.com/wp-content/uploads/2024/06/DOGEUSD_2024-06-21_14-37-51.png" alt="Dogecoin Price Forecast: Is $0.1 the Next Stop Amid Market Sell-Off?" width="1292" height="686" srcset="https://coingape.com/wp-content/uploads/2024/06/DOGEUSD_2024-06-21_14-37-51.png 1292w, https://coingape.com/wp-content/uploads/2024/06/DOGEUSD_2024-06-21_14-37-51-300x159.png 300w, https://coingape.com/wp-content/uploads/2024/06/DOGEUSD_2024-06-21_14-37-51-1224x650.png 1224w, https://coingape.com/wp-content/uploads/2024/06/DOGEUSD_2024-06-21_14-37-51-768x408.png 768w, https://coingape.com/wp-content/uploads/2024/06/DOGEUSD_2024-06-21_14-37-51-150x80.png 150w" sizes="(max-width: 1292px) 100vw, 1292px">
 <figcaption id="caption-attachment-203600" class="wp-caption-text">
 Dogecoin Price Forecast
 </figcaption>
</figure>
In the last month, <a href="https://coingape.com/price/dogecoin" rel="noopener noreferrer nofollow">Dogecoin price</a> dropped by 24% after it fell below the crucial $0.17 mark in early June. This downturn has intensified bearish outlooks, with sellers actively pushing the price lower. Over the past week, the Meme coin has been trading between $0.14 and $0.12, reflecting ongoing market volatility.
<h2 id="span-style-font-weight-400-whale-transactions-influence-the-dogecoin-market-span">Whale Transactions Influence the Dogecoin Market</h2>
According to Whale Alert, a significant movement of Dogecoin was detected. 86,388,901 <a href="https://coingape.com/markets/dogecoin-price-prediction-as-whale-activity-surges-could-0-03-be-next-amid-bearish-trend" rel="noopener noreferrer nofollow">DOGE</a>, valued at approximately $10,630,833, was transferred from an unknown wallet to the popular trading platform Robinhood.&nbsp;
<blockquote class="twitter-tweet">
 <img src="https://s.w.org/images/core/emoji/15.0.3/72x72/1f6a8.png" alt="🚨" class="wp-smiley" style="height: 1em; max-height: 1em;"> 86,388,901 <a rel="noopener noreferrer nofollow" href="https://twitter.com/hashtag/DOGE?src=hash&amp;ref_src=twsrc%5Etfw">#DOGE</a> (10,630,833 USD) transferred from unknown wallet to <a rel="noopener noreferrer nofollow" href="https://twitter.com/hashtag/Robinhood?src=hash&amp;ref_src=twsrc%5Etfw">#Robinhood</a><a rel="noopener noreferrer nofollow" href="https://t.co/cSikYFcH4t">https://t.co/cSikYFcH4t</a>
 — Whale Alert (@whale_alert) <a rel="noopener noreferrer nofollow" href="https://twitter.com/whale_alert/status/1803835423946317860?ref_src=twsrc%5Etfw">June 20, 2024</a>
</blockquote>
This substantial transaction has raised eyebrows in the cryptocurrency community, as large transfers to exchanges can sometimes indicate a potential sell-off by major holders.
With the current market corrections, a slide under the $0.12 mark could push the <a href="https://coingape.com/price-predictions/dogecoin-doge-price-prediction/" rel="noopener noreferrer nofollow">Dogecoin price prediction</a> down to its $0.11 support. Further negative shifts in market sentiment may pull DOGE down to a $0.1 threshold.&nbsp;
Conversely, a renewed positive trend might lift <a href="https://coingape.com/trending/will-dogecoin-price-recover-in-june" rel="noopener noreferrer nofollow">Dogecoin</a> above $0.13. Reaching this level could set the stage for a climb to the $0.2 barrier. Surpassing the $0.3 mark could alter its standard trading pattern, potentially setting sights on a $0.5 high.
The daily chart for Dogecoin price shows a volatile trading pattern, with notable fluctuations. The Moving Average Convergence Divergence (MACD) is trending downwards, indicating a bearish momentum as the MACD line is below the signal line.&nbsp;
<figure id="attachment_203599" aria-describedby="caption-attachment-203599" style="width: 100%" class="wp-caption aligncenter"><img decoding="async" class="size-full wp-image-203599" src="https://coingape.com/wp-content/uploads/2024/06/DOGEUSD_2024-06-21_14-38-24.png" alt="Dogecoin Price Forecast: Is $0.1 the Next Stop Amid Market Sell-Off?" width="1292" height="686" srcset="https://coingape.com/wp-content/uploads/2024/06/DOGEUSD_2024-06-21_14-38-24.png 1292w, https://coingape.com/wp-content/uploads/2024/06/DOGEUSD_2024-06-21_14-38-24-300x159.png 300w, https://coingape.com/wp-content/uploads/2024/06/DOGEUSD_2024-06-21_14-38-24-1224x650.png 1224w, https://coingape.com/wp-content/uploads/2024/06/DOGEUSD_2024-06-21_14-38-24-768x408.png 768w, https://coingape.com/wp-content/uploads/2024/06/DOGEUSD_2024-06-21_14-38-24-150x80.png 150w" sizes="(max-width: 1292px) 100vw, 1292px">
 <figcaption id="caption-attachment-203599" class="wp-caption-text">
 Dogecoin Price Forecast| Source: <a rel="noopener noreferrer nofollow" href="https://www.tradingview.com/x/K5fL7prp/">Tradingview</a>
 </figcaption>
</figure>
Additionally, the Relative Strength Index (RSI) stands at 32, which suggests that the asset might be approaching oversold territory.&nbsp; The Average Directional Index (ADX) is currently at 34.68, suggesting a relatively strong directional movement. The Awesome Oscillator (AO) presents a value of -0.025, hinting at potential bearish momentum in the near future.
The post <a href="https://coingape.com/markets/dogecoin-price-analysis-reasons-doge-sell-off-below-0-1-imminent/" rel="noopener noreferrer nofollow">Dogecoin Price Analysis: Reasons DOGE Sell-Off Below $0.1 Imminent</a> appeared first on <a href="https://coingape.com" rel="noopener noreferrer nofollow">CoinGape</a>.

Dogecoin Price Analysis: Reasons DOGE Sell-Off Below $0.1 Imminent

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