CandleFocus

Dogecoin Transaction Volume Sinks to $415 Million, Threatening 300% Yearly Increase

Author: Content Editor
The transaction volume of Dogecoin (DOGE) has reached its lowest level since November, indicating decreased market participation on spot and derivative exchanges. This decline in volume coincides with DOGE’s failure to break above $0.48, which could lead to further downside pressure on its 300% year-to-date gains. The surge in DOGE’s price in recent months could be linked to Donald Trump’s election and the return of retail investors. The decline in volume suggests that DOGE could face another price decrease in the short term. Additionally, the Weighted Sentiment metric, which measures market sentiment based on social media comments, is showing an increase in bearish sentiment. DOGE is currently trading below a descending triangle pattern, which typically indicates a continuation of downward price movement. If sentiment remains negative and volume does not increase, DOGE could drop below $0.48. However, if sentiment turns bullish and volume rises, DOGE could rise to $0.45.

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