Dogecoin price has declined by nearly 30% in the past week and is currently facing bearish pressure. The total capitalization of meme coins has also decreased by 7.71%. The price of DOGE is testing a support level at $0.1675. The recent selling pressure led to a 12% decline and formed a bearish engulfing candle. The bearish sentiment is further supported by consecutive red candles on the daily chart. Technical analysis suggests that selling pressure is still prevalent and the whales are selling large amounts of DOGE. The on-chain metrics show a lack of support with buying volumes decreasing. If the selling pressure continues, Dogecoin price is expected to decline further. On the other hand, if the price bounces from $0.16, it could potentially rally back to $2. However, it would need to regain the $0.20 technical level for further upward momentum. If DOGE stays below $0.16, more losses are possible with the next support level at $0.1315. The volatility of Dogecoin price is attributed to whale selling and bearish technical indicators.



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