Dogecoin (DOGE) holders are facing a warning as the cryptocurrency’s price has dropped by around 8% over the last 24 hours, currently hovering just above $0.30.
A closer look at DOGE’s recent price action reveals that the sharp rally in late October to mid-November was followed by a decline phase marked by lower highs and lows. The momentum from the rally was weak compared to earlier periods, indicating a potential bearish trend.
Key signals of concern include the MVRV Ratio, which has dropped below its 30-Day SMA, creating a bearish crossover. Historically, this has been a signal for price corrections.
A comparison with PEPE’s recent decline suggests that DOGE may be following a similar path. Both cryptocurrencies have shown lower highs and lows, with PEPE breaking down below a critical support level. If DOGE fails to hold above $0.31, it could lead to further price falls, potentially targeting the $0.20 range.
The current resistance at $0.34-$0.36 is rejecting recent recovery attempts, indicating that the downtrend for DOGE may continue in the short term. For holders, monitoring these key levels closely is advised as the bearish pattern could persist, with further price dips possible if critical support at $0.31 breaks.
Source: https://www.binance.com/en/square/post/19762351830258