DOGE Shows Bearish Trend – Will it Recover and Reach Above $0.28

  • DOGE price dropped over 8% in the 24-hour.
  • If DOGE can’t able to reach above $0.28 today, it will fall to $0.245.
  • Dogecoin’s (DOGE) daily circulation has declined drastically.

In recent few months, crypto markets continue to rise gradually. With several cryptocurrencies in the crypto market in a bullish direction.

Accordingly, Dogecoin (DOGE) one of the leading cryptocurrencies in the crypto market, unfortunately, dropped over 8% in the 24-hour. Still now DOGE is trading in a wide channel with no strong bullish or bearish signals. If DOGE can’t able to reach above $0.28 today. Then it may continue to fall to the level with the biggest liquidity, around $0.245, to gain additional energy for growth.

Furthermore, as per Blockchair on-chain analytics service, Dogecoin’s (DOGE) daily circulation has declined drastically since reaching a three-month high on October 29, 2021. The major reason for the drop in circulation might be the price of meme coins.

More so, huge amounts on the market following high network activity, including a 43 percent price rise. DOGE again reached 12% after reaching a nearly three-month high, and then only dived below 5%. The Crypto market is undergoing more volatility. With more traders and investors, and is transferring their digital assets from exchange wallets to the personal wallet and vice versa. With prices stabilizing and volatility decreasing, market players are more likely to leave their assets on exchange or wallets without moving them, resulting in a reduction in daily circulation.

At the time of writing, as per CoinMarketCap, DOGE’s price was trading at $0.2648 with a 24-hour trading volume of $3,652,820,725.The circulating supply of DOGE is 131.92B. DOGE price was decreased by nearly 8%. And this fall continues we can expect a strong bearish movement in the upcoming days. 

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