Dogecoin prices have fallen 70% from the all-time high of the meme coin at 0.7376 USD, which was witnessed on May 7. As per the monthly analysis, the prices are down by more than 20% on the November candle.
CoinMarketCap data shows that the market capitalization of the altcoin dropped by 1.01% and currently rests at $28.7 billion. On the other hand, the trading volume also dropped by 0.51% and is currently at $1.3 billion.
The Dogecoin prices opened for the day at $0.217, reaching a high of $0.2209, finally falling flat to the lowest price of $0.2138. However, the candle is yet to close for today’s price movement.
In recent days, DOGE has been one of the biggest risers for 2021, reaching a high of $0.7376 from a low of $0.00298 in the last 52 weeks.
Dogecoin price analysis on the daily chart using indicators
The technical indicators for Dogecoin show that the token will continue to progress in the bearish trend. The price action has broken down below the 50-day and 100-day Moving Averages.
Furthermore, the prices are currently situated in the lower end of the Bollinger Bands. However, a surge in trading volume might reveal something else. We can expect a breakout from the lower end of the bands if bulls are not able to sustain the current price levels.
The RSI levels show that the token is still bearish and progressing in the region where the selling pressure is very high. The gradient is slightly positive, and this means that we will see a little bullish movement, if not aggressive.
The MACD indicator shows that the MACD line is accelerating below the signal line. This means that the selling pressure is defeating the buying pressure, giving control to the bears
Dogecoin prices remain bearish, and it seems that the asset has lost its magic. Without the support of Elon Musk, it seems that the crypto is just a meme coin with not much value.