Dogecoin [DOGE] has so far defied the collective market trend in recent weeks. It noted a fresh increase on the 24th of April as the cryptocurrency market bled red. However, the short-trend was short-lived as the digital asset flipped negative and extended a weekly loss of 10.17%.
Dogecoin went on a massive rally this month following which the investors offloaded coins which led to the price slash its monthly profit by half.
After testing immediate support this weekend, DOGE appeared to be struggling. The crypto-asset saw an uptick of 5.62% over the past 24-hours. At the time of writing, the meme coin registered a market cap of $35,10 billion and a 24-hour trading volume of $6.66 billion.
Dogecoin [DOGE] 24-hour Trading Volume:
Dogecoin’s volatility in the market has picked up the pace again. Meaning, the cryptocurrency could face a period of massive fluctuation that could abruptly drive the coin’s price in either direction. The moving averages aligned with the bulls as the 50 DMA [Pink] and the 100 DMA [Blue] continued to form critical supports for the DOGE price candles.
DOGE’s technicals have been struggling with the bearish pressure. The Chaikin Money Flow [CMF] was positioned well above zero signifying that the investors have remained unfazed despite market downturn and the capital inflow to the DOGE market has remained fairly steady.
Contrastingly, the MACD appeared to be heading for a bearish crossover depicting a declining in buying demand. The RSI, on the other hand, was well above the 50-median line which indicated a sentiment of buying pressure among the investors in the Dogecoin market.
The price of the crypto-asset was in a crucial zone. The resistance levels were found to be at $0.36 and $0.405 while the support level stood firm at $0.11, $0.077 respectively.