- Dogecoin strongly holds its position amid the gravious broad market bearish trend, maintaining a 4% gain in the last 30 days while its popular rivals, Shiba Inu and PEPE declined by 25% and 33% respectively.
- In the midst of all these, market indicators show a bearish market sentiment for Dogecoin with the MACD falling below its signal line.
Dogecoin (DOGE) asserts its dominance within the meme ecosystem, showcasing resilience in the phase of this extended broad market “bloodbath” that dragged most cryptos below their multiple-month support levels.
As disclosed by on-chain data providers, PEPE and Shiba Inu witnessed a massive decline of 33% and 25.28% respectively within the 30-day trading period. Interestingly, Dogecoin saw a 4.43% surge within the same period, cementing its position as the largest meme coin and the 8th largest crypto by market cap. At press time, Dogecoin had climbed up by 2% in the last 24 hours to trade at $0.1550, mirroring the general market situation which has seen XRP, ADA, and AVAX surging by 3%, 8%, and 1% respectively in the last 24 hours.
To analysts, this could be a bullish reversal triggered by the just-executed Bitcoin halving. Truly, the leading digital assets appear to be in green as Dogecoin overturns a daily decline of 6%, however, the global market capitalization declines by 8%. This indicates that Bitcoin, which has a dominant share of the total valuation, has not made a significant move yet.
Analyzing the Bearish or Bullish Trend of Dogecoin
A careful assessment of Dogecoin’s daily chart discloses that its bearish market sentiment remains significant. Several key indicators including the Moving Average Convergence Divergence (MACD) indicator show a reading below their signal lines. For context, the MACD line falling below its signal line indicates that the small moving average is below its longer-term moving average.
In technical analysis, this mostly shows a shift in momentum from bullish to bearish, signaling a time to sell. At press time, Dogecoin’s negative directional index was found above its positive index. According to analysts, the intersection occurred on April 12 and has maintained that position till now.
Confirming this bearish trend is Chaikin Money Flow (CMF), a metric used to track the flow of money into and out of an asset. As of the time of writing, the reading was below zero, indicating a market weakness and increased liquidity exit.
Concerning the future direction, an analyst known as DonAlt informed the 58,200 subscribers of the TechnicalRoundup YouTube channel that Dogecoin has enough support to hit $1. This implies the asset could surge by more than 500%.
The reason why I found DOGE interesting is because it it kind of dipped back into support on the BTC chart…Invalidation down here somewhere [above $0.05], target up there [$1]… I think that’s not the worst… especially when it was trading at $0.12 or $0.13 because that’s literally just 20% away from $0.10 which would be the optimal entry.
In the near term, Crypto trader and analyst Rekt Capital expects Dogecoin to reach $0.20. If it fails, the asset could hover within the $0.12-$0.20 prize range as formerly reported by Crypto News Flash.
