• The price of Dogecoin (DOGE) has dropped by 1% in the past 24 hours, with its fall to $0.072064 coming as the cryptocurrency market as a whole suffers a 1.5% decline.
• Dogecoin’s 24-hour trading volume has risen above $250 million, potentially indicating a recovery bounce.
• A number of new meme tokens are helping to establish a demand for meme-focused cryptocurrencies, which could end up translating into gains for DOGE somewhere down the line.
Dogecoin Price Drop
The price of Dogecoin (DOGE) has dropped by 1% in the past 24 hours, with its fall to $0.072064 coming as the cryptocurrency market as a whole suffers a 1.5% decline. DOGE has also fallen by 1% in a week and by 20% in the past month.
Rising Trading Volume
Dogecoin’s latest slip sees its 24-hour trading volume rise above $250 million, pointing towards a potential recovery bounce and making it arguably a good time to buy it due to its current oversold state. Twitter introducing DOGE payments is still plausible which could mean that DOGE rallies substantially in the not too distant future.
Dogecoin’s technical indicators are currently in an in-between position; with its relative strength index (purple) seemingly on the way down having dropped 50 earlier today while its 30-day moving average (yellow) is moving very close to its 200-day (blue). A breakout could be signalled soon with support level (green) rising over recent days showing consolidation around higher levels.
whale alert highlighting large transfers from wallets to exchanges suggesting whales are mostly selling rather than buying at this moment although this can be flipped around and used to suggest now is an excellent time to buy given how undervalued and oversold it is right now .
Meme Token Demand
Now is also seen as an opportune time for meme tokens such as PEPE and SPONGE which help establish demand for meme focused cryptocurrencies; this could eventually result in gains for DOGE further down the line should traders return their attention from new altcoins back towards established memetokens like DOGE itself .