The crypto market garnered profit over the last couple of days. Dogecoin [DOGE] and Bitcoin [BTC] bagged the most gains and emerged as the stars of the recent short-term bull run. However, this didn’t last long. Both BTC and DOGE witnessed a massive fall.
While BTC dropped below $37K, DOGE was on the verge of dipping below $0.2. At the time of writing, DOGE was trading at $0.2009 with an 11.17% fall in the last 24-hours. Over the previous seven days, Dogecoin rose by over 20%.
In addition to this, Dogecoin’s market cap was at $26.19 billion. This allowed the coin a place in the top ten. Ranked eighth, Dogecoin was seen overshadowing coins like Polkadot [DOT], Uniswap [UNI], Bitcoin Cash [BCH], and several others.
Dogecoin [DOGE] one-hour price chart on Binance
The short-term price chart of DOGE observed the commencement of the bear. The Parabolic SAR indicator formed a downward sloping dotted line. Since this line was over the candlestick, a bearish momentum was noted in the market. This line acted as a barricade against any possible uptrends. Therefore, the chances of DOGE rising over $0.20 were bleak. The MACD indicator followed suit as it went on to form a bearish crossover.
The Relative Strength Index [RSI] indicator was below the 50 median which further suggested a sellers’ sentiment in the DOGE market.
Dogecoin [DOGE] one-day price chart on Binance
The one-day price chart of DOGE saw a tussle between the bear and the bull. The Chaikin Money Flow [CMF] indicator pointed out the presence of bears as the CMF marker remained below the zero median in the bearish arena. The Awesome Oscillator indicator laid out green closing bars. Even though these lines were dainty, the bulls were in the DOGE market.
The Money Flow Index indicator noted no major buying or selling sentiment.
With all these signs inclining towards the bear, DOGE could be stuck at $0.2 for a while.