Dogecoin (DOGE) worth skilled sharp sell-off final week because the BTC worth tanked beneath $25,000. Whereas many new meme cash surged final month, the DOGE worth has didn’t rally. The newest evaluation means that the most important memecoin would possibly expertise a bullish reversal quickly.
DOGE worth fell to $0.053 final week, its lowest stage since June 2022. The value pierced by very robust help however failed to shut beneath and bought a powerful bounce. On Thursday, Dogecoin turned crimson as soon as once more and was buying and selling 0.26% decrease, because the BTC worth was battling with the $25,500 stage.
What Is Flawed With DOGE?
The meme coin narrative turned huge as soon as once more in 2023 because the PEPE hype took over the entire web. A variety of new meme cash have popped up these days because of the elevated investor curiosity within the dangerous asset class. PEPE coin was launched in April and went on o change into the third greatest meme coin by market cap inside simply two weeks of its launch.
Dogecoin worth has didn’t react to the continuing meme coin season and has remained sideways. However, DOGE nonetheless stays the most important memecoin with a market cap of virtually 30 instances greater than the PEPE coin. As per Coinmarketcap, Dogecoin has a market capitalization of $8.6 billion.
Dogecoin Worth Prediction 2023
Technical evaluation of the DOGE worth chart reveals that it’s forming a descending triangle sample with the underside near the $0.05 stage. The underside of this vary acts as a powerful demand zone. A more in-depth look reveals that the Bulls stepped in time to keep away from a every day closure beneath this help final week. This saved the bullish market construction of the coin nonetheless intact.
Dogecoin worth prediction shouldn’t be trying very bearish in the mean time as the worth continues to be holding its $0.05 help stage. The bullish divergence on the Cash Movement Index (MFI) is pointing in the direction of a powerful bounce very quickly. Nonetheless, it will rely upon the BTC worth motion within the coming weeks.
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This submit was final modified on Jun 16, 2023, 14:02 BST 14:02