- Dogecoin was down by more than 7% in the last seven days.
- Technical indicators and metrics looked pretty bearish.
Dogecoin [DOGE] bears stepped up their game as the world’s largest meme coin’s daily chart turned red.
Concerns for the meme coin were far from over, as a bearish pattern emerged on its price chart, which could cause trouble in the near future.
Dogecoin’s bearish move
According to CoinMarketCap, DOGE’s price had dropped by more than 7% in the last week. In fact, in the last 24 hours alone, the meme coin’s price declined by 5.5%.
At the time of writing, the meme coin was trading at $0.1433 with a market capitalization of over $20.6 billion. While the price dropped, it continued to move in a bearish pattern.
AMBCrypto’s look at DOGE’s chart revealed a bearish descending triangle pattern.
Source: TradingView
DOGE’s price entered this pattern in April and had tried to break above the upper trendline a couple of times.
Unfortunately, it got rejected, which increased the chances of a southward bearish breakout if its price drops below $0.128. A few of the metrics also supported this outcome.
For instance, DOGE’s velocity had dropped, meaning that the meme coin was used less often in transactions within a set timeframe. Its MVRV ratio was also in the negative zone.
Additionally, DOGE did not witness an influx of new investors of late as its total amount of holders’ chart remained flat.
Source: Santiment
DOGE’s Social Dominance plummeted last week, suggesting a drop in its popularity. Moreover, bearish sentiment remained dominant in the market, which was evident from its low Weighted Sentiment.
Source: Santiment
Dogecoin price prediction
To see whether a bearish breakout is inevitable, AMBCrypto analyzed DOGE’s market indicators. We found that DOGE’s price remained under its 20-day Simple Moving Average (SMA), as per the Bollinger Bands.
Its Relative Strength Index (RSI) was resting under the neutral mark at press time. The meme coin’s Chaikin Money Flow (CMF) also registered a downtick, further hinting at a continued price decline.
Source: TradingView
AMBCrypto then checked Hyblock Capital’s data to find out whether there were any other support levels before $0.128 from which DOGE could rebound.
Our analysis found that DOGE had strong supports near $0.143 and $0.139 marks.
Read Dogecoin’s [DOGE] Price Prediction 2024-2025
Going further south, DOGE also has support near $0.13. If the coin manages to change the trend after hitting any of these levels, then its value might touch $0.146 soon.
However, if a bearish breakout takes place under $0.128, then Dogecoin might shed the majority of its March gains.
Source: Hyblock Capital