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The post <a href="https://coinpedia.org/price-analysis/memecoins-mania-fading-away-doge-price-to-record-new-yearly-low-soon/" rel="noopener noreferrer nofollow">Memecoins Mania Fading Away! DOGE Price To Record New Yearly Low Soon?</a> appeared first on <a href="https://coinpedia.org" rel="noopener noreferrer nofollow">Coinpedia Fintech News</a>
Despite the increased market volatility, the Memecoins display bearish sentiment, suggesting a change of interest among the investors. Further, the category leader, Dogecoin has recorded a neutral week as the token has experienced a correction of less than 2% in valuation.
The star memecoin traded in a closed range between $0.08931 and $0.09366 for a brief period, following which the market experienced a strong bearish move, resulting in the <a href="https://coinpedia.org/price-prediction/dogecoin-price-analysis/" rel="noopener noreferrer nofollow">Dogecoin price</a> recording a loss of approximately 15% in valuation.
<figure class="wp-block-image"><img decoding="async" src="https://lh7-us.googleusercontent.com/hNWoJHCuRWnJJ1RXcxOeBhiLQW24e_TB8XC3J5scGcjcLNaXSevZxqo6dLzV9aJRScg5J_ITMs3CUwQeSs-TplUbqJJeCYDhPhQQm46FKAktGu3A12VgoEn5E2x6rgwygz-KEgyXJMEKZd3hxKtTtOU" alt="Dogecoin Price Analysis">
 <figcaption class="wp-element-caption">
 TradingView: DOGE/USDT
 </figcaption>
</figure>
After this, the price traded between $0.07981 and $0.08416 for three days, following which the bulls lost momentum and broke down the support level. After testing its crucial support level of $0.07597, the bulls regained momentum and pushed its price back into the range.
The DOGE price then traded sideways for about a week, indicating weak buying and selling pressure in the crypto space. The bulls struggled to hold the price above the support level of $0.07981, resulting in a price breakdown, but the bulls held the price strong above the crucial support level.
As the market volatility grew, the Doge coin price experienced a jump of approximately 10%. Since then, the price has been trading under a bearish influence and has been trading in a closed range between $0.07597 and $0.07981, suggesting a weak price action.
<h2 class="wp-block-heading" id="h-will-doge-price-rise-back-up">Will DOGE Price Rise Back Up?</h2>
The Relative Strength Index (RSI) displays a sideways trend, indicating weak buying and selling pressure in the market. Further, the averages show a bullish curve, suggesting the price will experience a significant price action soon.
If the bulls push the price above the resistance level of $0.07981, the DOGE price will prepare to test its upper resistance level of $0.08416 soon. Maintaining the price at that level will set the stage for Dogecoin to attempt to test its resistance level of $0.08931 in the coming time.
Conversely, if the bears overpowered the bulls, the memecoin would lose momentum and fall to test its support level of $0.07597. Moreover, if the bears continue to dominate the market, it will further plunge and prepare to test its lower support level of $0.07168 during the coming week.

Memecoins Mania Fading Away! DOGE Price To Record New Yearly Low Soon?

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