Dogecoin [DOGE] project warning signs as technicals look gloomy

Dogecoin [DOGE] turned down once again after hitting a price ceiling. The contentious meme-coin has been in the spotlight for much of this year. But of late, it has failed to turn on its charm and lacked signs of an impressive growth structure.

The sixth-largest digital asset was consolidating within a tight range along with its peer cryptocurrencies which shows that bears are offloading their tokens at higher levels. The token incurred a total weekly loss of 17.32%.

Over the past 24-hours, Dogecoin [DOGE] increased by 1.17% and was priced at $0.308. At the time of writing, the meme-coin registered a market cap of $40.12 billion and a 24-hour trading volume of $1.29 billion.

Dogecoin [DOGE] Daily Price Chart:

The volatility in the market has dropped considerably following the sideways price movement. This led to a pause in trend in the daily price chart for Dogecoin [DOGE] which, in turn, resulted in the continuation pattern to take shape according to which the candles could sustain a bearish breakout in the near future.

Besides, the moving averages failed to depict any positive signs. The 50 DMA [Pink], for one, continued to hover above the DOGE candlestick arrangement. The price of the asset is now at risk of sliding below the upward sloping 100 DMA [Blue], which if transpired, could further intensify the downtrend.

The low volume was another bearish factor that can hamper any revival attempts in the coming days.

DOGE Technicals Look Bleak

The dotted markers of Parabolic SAR aligned below the DOGE candles suggesting moderate bullish patterns. However, Chaikin Money Flow [CMF] took a reversal and headed for the half-line indicating a decline in capital inflow in the coin market. The RSI also turned down from the 50-median line as sell pressure intensified in the market.

The above charts depicted a bearish picture of Dogecoin’s price movement. Meaning, the bears could now try to sink the price to $0.253. If this level breaks, the digital asset could spiral down all the way to $0.05, a level that was last seen in April. Its overhead resistances, on the other hand, were found to be at $0.43, $0.56 and $0.69 respectively.

Chayanika Deka: Chayanika is a full-time journalist at TronWeekly with over two years of experience. A graduate in Political Science and Journalism, she focuses on the political and financial impact of cryptocurrency and blockchain developments.