The Dogecoin price records a drop of over 10% in valuation over the past seven days amid the setback faced between Elon Musk & Donald Trump. At the time of writing, the value of DOGE price was $0.179 with a trading volume of $1.63 billion. Moreover, with a market capitalization of $26.88 billion, this memecoin has secured the 08th position in the crypto market with a dominance of 0.8299%.
Check Dogecoin Price Technicals
The Bollinger Bands (BB) in the 4H time frame has displayed increased volatility as the bands are widening. Notably, the DOGE price chart recently touched the lower band near $0.17, suggesting increased selling pressure. The price has since rebounded and is approaching the midline.
With the DOGE memecoin heading toward its neutral zone, the price increase above this level might indicate that the market is heading towards growth.
Amid the rising volume, there has been a large drop in DOGE price. This highlights that investors are dumping their holdings of Dogecoin in a huge quantity. Increased volume highlights an increase in volatility, and decreases in the levels suggest weak bullish sentiment.
The Relative Strength Index (RSI) indicator fell into an oversold zone during the past week. Notably, it is currently valued at 39.75 and shows a rising trend pattern. This indicates improving market conditions in the four-hour time frame with a high possibility of a price reversal.
What’s Next for DOGE Price?
The Dogecoin price could retest its immediate resistance level of $0.183 if the bullish sentiment increases. If the momentum stays intact at that point in time, it could head toward its upper resistance levels of $0.200 and $0.217 in the upcoming time.
However, a rejection around $0.183 could pull back the value of this memecoin toward its crucial support of $0.165 this month.
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