Dogecoin loses the market traction as it turns flat on the weekly chart. The intraday is, however, a watchful ground as the volatility in the market remains intact. Taking a glimpse of intraday movement, it was in the previous week when Dogecoin price declined by over 40% in less than two days, followed by a 22% fall in the past 3 days due to loss of momentum and support.
Dogecoin Price Analysis
DOGE/USD has mounted as high as $0.034 in the former days before the ongoing crises. However, the immediate downfall that followed the yearly high (until the time of writing) dig deeper losses as the currency hit a fresh 52-week low. Alongside this, the market is facing a dearth of steady momentum to recover from the utter losses that have led to a major sell-off, and the investors have shed millions.
Moreover, Bitcoin also dipped to yearly low as it slid below $4k marking a 50% loss in less than 24 hours and whipping off all the gains of the investors. The coin has recorded a dip of 20% when compared with the trading price at the start of the year, with an intermittent hike above $0.0030.
Technical Indicators:
The technical indicators laid confirm the flattish movement on the weekly chart as MACD and the signal line of Dogecoin face a dearth of momentum.
The RSI of the coin is at 37.40 and is seen sliding from the overbought zone, and is the price of DOGE digs deeper, and it is likely to face ultimate selling pressure.
