DOGE Faces Short-Term Decline Amidst Crypto Market Growth

According to CoinMarketCap, the total crypto market capitalization increased by about 0.13 percent over the weekend, bringing it to $1.21 trillion.

Despite this, Dogecoin (DOGE) has experienced a price decline of approximately 0.1% over the past 24 hours.

As a result, the value of DOGE at press time was $0.071. This indicated that the meme coin was trading between its daily minimum of $0.06936 and its 24-hour maximum of $0.07275.

The previous day, DOGE’s 24-hour trading volume decreased by more than 50 percent. This brought its total volume to $399.64 million.

DOGE’s recent price decline caused it to lose roughly 0.04% and 0.08% of its value relative to Bitcoin (BTC) and Ethereum (ETH), respectively.

In contrast, DOGE’s weekly performance remained solidly in the green zone at +9.97%.

Its market capitalization of $9,956,558,761 ranked the meme coin as the ninth largest cryptocurrency. This placed it in eighth place, just behind Cardano (ADA), with a market cap of $11,110,196,731.

Technically, at press time, DOGE traded between the support level of $0.06972 and the resistance level of $0.07152.

Earlier today, it broke above this resistance level, but it has since retraced to its current level. Nonetheless, an essential long-term bullish technical flag was about to be activated.

At the time of publication, the 20-day EMA line was approaching the 50-day EMA line.

If these two technical indicators cross within the next few days, it will indicate that DOGE’s price has entered a long-term bullish cycle and may rise significantly over the next few weeks.

If this occurs, the price of the meme coin may break above the $0.07409 and $0.07693 resistance levels, as well as the significant $0.08 threshold.

Investors and traders will want to monitor the 20, 50, and 100 EMA lines on the daily chart of DOGE to determine whether or not the price will surpass the $0.8 resistance.

If the 20 and 50 EMA lines cross above the 100 EMA line within the next week, then DOGE may have the required momentum to break above $0.08 and convert the level into support as well.

A breach above this significant level could pave the way for DOGE to surpass $0.1 in the next two to three weeks.

For this bullish thesis to be confirmed, DOGE must remain above the $0.06676 support level for the next week.

If the price of the altcoin closes a daily candle below this support within the next seven days, the bullish thesis will be invalidated, and DOGE’s price may be at risk of falling to $0.06112 in the following week.