Dogecoin

Elon Musk

<div class="finbold">
 <p class="paragraph">While the endorsement from Elon Musk created an appealing outlook for Dogecoin (DOGE), investors appear to be starting to lose faith in the most popular meme coin, as seen from the recent trading activity.</p>
 <p class="paragraph">The current state of Dogecoin entails a notable decline in transaction volume and a decrease in whale transaction count, suggesting a downturn in trading activity, per a post on X from cryptocurrency analyst Ali Martinez on February 12.</p>
 <blockquote class="wp-block-quote">
  <p class="paragraph">“This could be a sign that fewer people are buying, selling, or transferring DOGE, possibly due to reduced interest or confidence in it.”</p>
  <p class="paragraph"></p>
 </blockquote>
 <p class="paragraph">Whale transactions over $1 million have significantly decreased, hitting a peak at the price of $0.075 with a volume of 33.5 million, which marks a substantial decline from slightly over a month ago when they reached 773 million.</p>
 <figure class="wp-block-image size-large"><img decoding="async" width="1024" height="465" src="https://cdn.thebittimes.com/images/2024/02/12/32cfebe4f44aaeda03bfefdd47b982a8.webp" alt="Decline of DOGE’s trading activity. Source: Ali Martinez
" class="wp-image-154425" srcset="https://cdn.thebittimes.com/images/2024/02/12/32cfebe4f44aaeda03bfefdd47b982a8.webp 1024w, https://cdn.thebittimes.com/images/2024/02/12/32cfebe4f44aaeda03bfefdd47b982a8.webp 300w, https://cdn.thebittimes.com/images/2024/02/12/32cfebe4f44aaeda03bfefdd47b982a8.webp 768w, https://cdn.thebittimes.com/images/2024/02/12/32cfebe4f44aaeda03bfefdd47b982a8.webp 1536w, https://cdn.thebittimes.com/images/2024/02/12/32cfebe4f44aaeda03bfefdd47b982a8.webp 2048w" sizes="(max-width: 1024px) 100vw, 1024px">
  <figcaption class="wp-element-caption">
   Decline of DOGE’s trading activity. Source: Ali Martinez
  </figcaption>
 </figure>
 <h2 class="wp-block-heading" id="h-charts-and-technicals-are-indecisive">Charts and technicals are indecisive</h2>
 <p class="paragraph">Looking at the technical indicators and price patterns on various time spans for DOGE, it is hard to come to a decisive prediction as this digital asset has struggled multiple times to break through its resistance zone, which is set at $0.10 long-term, and $0.085 short-term, experiencing multiple retracements.</p>
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   <svg width="32" height="32" viewbox="0 0 32 32" fill="none" xmlns="//www.w3.org/2000/svg"><path d="M4 10.6665V25.3332C4 28.2678 6.392 29.3332 8 29.3332H28V26.6665H8.016C7.4 26.6505 6.66667 26.4078 6.66667 25.3332C6.66667 24.2585 7.4 24.0158 8.016 23.9998H28V5.33317C28 3.8625 26.804 2.6665 25.3333 2.6665H8C6.392 2.6665 4 3.73184 4 6.6665V10.6665ZM8 5.33317H25.3333V21.3332H6.66667V6.6665C6.66667 5.59184 7.4 5.34917 8 5.33317Z" fill="#EF4444"> 
    </path> <path d="M15.996 18.6668L20.4626 14.2815C20.738 14.0166 20.9571 13.6989 21.1068 13.3473C21.2564 12.9957 21.3336 12.6176 21.3336 12.2355C21.3336 11.8534 21.2564 11.4752 21.1068 11.1236C20.9571 10.7721 20.738 10.4543 20.4626 10.1895C19.9074 9.64148 19.1587 9.33422 18.3786 9.33422C17.5985 9.33422 16.8498 9.64148 16.2946 10.1895L15.996 10.4801L15.6973 10.1881C15.1423 9.64023 14.3938 9.33301 13.614 9.33301C12.8341 9.33301 12.0856 9.64023 11.5306 10.1881C11.2552 10.453 11.0361 10.7707 10.8865 11.1223C10.7368 11.4739 10.6597 11.852 10.6597 12.2341C10.6597 12.6162 10.7368 12.9944 10.8865 13.346C11.0361 13.6975 11.2552 14.0153 11.5306 14.2801L15.996 18.6668Z" fill="#EF4444"> 
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 <p class="paragraph">The market’s current momentum presents a mixed picture, characterized by the moving average convergence divergence (MACD) line positioned above the MACD signal line, indicating a bullish sentiment. At the same time, the Relative Strength Index (RSI) hovers around the neutral level of 48.</p>
 <figure class="wp-block-image size-large"><img decoding="async" width="1024" height="323" src="https://cdn.thebittimes.com/images/2024/02/12/8ca472f01e7be7f992b7ded036f4e234.webp" alt="Technical indicators for DOGE price. Source: TradingView" class="wp-image-154426" srcset="https://cdn.thebittimes.com/images/2024/02/12/8ca472f01e7be7f992b7ded036f4e234.webp 1024w, https://cdn.thebittimes.com/images/2024/02/12/8ca472f01e7be7f992b7ded036f4e234.webp 300w, https://cdn.thebittimes.com/images/2024/02/12/8ca472f01e7be7f992b7ded036f4e234.webp 768w, https://cdn.thebittimes.com/images/2024/02/12/8ca472f01e7be7f992b7ded036f4e234.webp 1508w" sizes="(max-width: 1024px) 100vw, 1024px">
  <figcaption class="wp-element-caption">
   Technical indicators for DOGE price. Source: TradingView
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 </figure>
 <p class="paragraph">Regarding support and resistance levels, the nearest support zone lies between $0.075 and $0.080, followed by $0.070, representing areas where buying interest may emerge.&nbsp;</p>
 <h2 class="wp-block-heading" id="doge-price-analysis">DOGE price analysis</h2>
 <p class="paragraph">At the time of press, DOGE was trading at $0.0801, indicating a drawdown of -3.32% in the previous 24 hours, while managing to retrace 1.59% of its profits in the last week.</p>
 <figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="1024" height="683" src="https://cdn.thebittimes.com/images/2024/02/12/8684128b428be331df3abc8227009a46.webp" alt="DOGE 24-hour price chart. Source: Finbold
" class="wp-image-154427" srcset="https://cdn.thebittimes.com/images/2024/02/12/8684128b428be331df3abc8227009a46.webp 1024w, https://cdn.thebittimes.com/images/2024/02/12/8684128b428be331df3abc8227009a46.webp 300w, https://cdn.thebittimes.com/images/2024/02/12/8684128b428be331df3abc8227009a46.webp 768w, https://cdn.thebittimes.com/images/2024/02/12/8684128b428be331df3abc8227009a46.webp 1200w" sizes="(max-width: 1024px) 100vw, 1024px">
  <figcaption class="wp-element-caption">
   DOGE 24-hour price chart. Source: Finbold
  </figcaption>
 </figure>
 <p class="paragraph">In the past 30 days, this meme coin has lost -0.76% of its value.</p>
 <p class="paragraph"><strong><em>Disclaimer:</em></strong><em> The content on this site should not be considered investment advice. Investing is speculative. When investing, your capital is at risk.</em></p>
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<p>Source: <a rel="noopener noreferrer nofollow" target="_blank" href="https://thebittimes.com/doge-sell-off-alert-dogecoin-could-face-mega-crash-tbt79562.html">https://thebittimes.com/doge-sell-off-alert-dogecoin-could-face-mega-crash-tbt79562.html</a></p>

DOGE sell-off alert: Dogecoin could face mega crash

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