The new week has seen the cryptocurrency market obtain a greenish tinge after a dip last week. Major cryptocurrency pumped on Monday allowing some coins such as DOGE to climb out of their bear trap. Dogecoin had plummeted on weekly timeframes with the last recorded 7-day fall being 10.7 percent. Although there was a slight fall in market cap, investor sentiment allowed Dogecoin to stay in 7th place.
At press time, DOGE was trading for $0.22 with a market cap of $28.2 billion. The weekly 10.82 price percent drop brought the DOGE trading volume down to $765.412 million. Its rapid climb over the previous weeks has allowed DOGE to be within striking distance of XRP’s market cap. An increased buying pressure would be the ideal boost that DOGE needs to get out of its bearish predicament.
Dogecoin 1 hour:
Readings from Binance showed that Dogecoin’s value had been gradually decreasing since the start of July. After a reverse breakout on the 9th, the cryptocurrency has held a steady price action for the following 48 hours. The immediate support clocked in at $0.19 while the resistance held at $0.256.
According to the RSI, Dogecoin was heading towards some more bear troubles. A sharp dip towards the oversold zone suggested that users were selling their tokens in exchange for less volatile assets. DOGE’s CMF also sided with the bear as the graph fell below the zero line. This came after the cryptocurrency’s struggle to stay in the green zone, something which it has struggled to do this month.
The Parabolic SAR on the hourly chart pointed toward’s DOGE struggle to stay bullish. Markers were below the price candles and could mean a potential bull patch for DOGE soon.
Dogecoin 1 day:
After picking up in April, DOGE has never looked back to go to its previous levels. Peaking in the middle of May, the cryptocurrency has since fallen to more controlled levels. The earlier hype had even lifted Dogecoin’s value to $0.7 after the hype created by Elon Musk.
The Chaikin Money Flow indicator in the long term told a tale of a cryptocurrency struggling to obtain capital infusion. Investors seem to have lost interest in stocking up DOGE like they did back in April and May. Dogecoin’s RSI moved parallel to the midline in the oversold zone. The last time the graph had climbed above the midline was at the beginning of June.
Long-term PSAR markers stayed below the price candles as Dogecoin continued its sustained hold near the $0.2 mark.