Dogecoin (CRYPTO: DOGE) slipped further south on Sunday amid signals from a leading analyst that the memecoin’s bottom may still be some distance away.
Bottom Yet To Come?
Ali Martinez, a widely followed cryptocurrency researcher and trader, identified $0.058 as a key level at which they’d start accumulating DOGE — more than 37% below the current prices.
Technicals Give Mixed Signals
The Moving Average Convergence Divergence indicator, which compares two exponential moving averages of an asset’s price, typically the 12-period and the 26-period, flashed a “Buy” signal for DOGE, according to TradingView.
In contrast, the Awesome Oscillator, an indicator that compares recent market movements to historic market movements, flashed a “Sell” signal. The Relative Strength Index, used to spot overbought and oversold conditions, was “Neutral” as of this writing.
Meanwhile, Polymarket punters bet more than 50% that DOGE will close below $0.06 this year.
DOGE Falls Harder
The world’s most popular memecoin fell sharply, while trading volume tumbled 33% over the last 24 hours, as the escalating Middle East conflict dragged down the broader cryptocurrency market.
The spot price drop rippled through derivatives, with open interest in DOGE futures sliding 9.72% in the last 24 hours, according to Coinglass. Since the year began, more than $500 million in open interest has been wiped out.
Price Action: At the time of writing, DOGE was exchanging hands at $0.09328, down 4.01% in the last 24 hours, according to data from Benzinga Pro.
Photo Courtesy:ihrinmoisuc on Shutterstock.com
Recent Comments