- Dogecoin records growth in the last month amid the meme market decline.
- The gains may be wiped off soon, as key indicators showed that the bears remain in market control.
Dogecoin [DOGE] is the only leading meme coin to post gains in the last month, as meme coin market activity witnessed a decline, IntoTheBlock noted in a post on X (formerly Twitter).
According to the on-chain data provider, DOGE’s price climbed by 4.43% during the 30-day period.
During this window period, the values of other leading assets, such as Pepe [PEPE] and Shiba Inu [SHIB], plunged by 33% and 25.28%, respectively.
Can DOGE extend these gains?
DOGE traded at $0.15 at press time. According to CoinMarketCap’s data, the meme coin’s price recorded a 6% price decline in the past 24 hours, mirroring the general market decline.
Data from CoinGecko showed that the global cryptocurrency market capitalization dropped by 2.38% during the same period.
In assessing whether DOGE would extend its 30-day gains, AMBCrypto assessed its key technical indicators on a 1-day chart and discovered that bearish sentiments remained significant.
For example, readings from its Moving Average Convergence Divergence (MACD) indicator showed its MACD line resting below its signal line. These lines have been positioned this way since 2nd April.
When an asset’s MACD line falls below its signal line, its small moving average is below its longer-term moving average.
It often signals a shift in momentum from bullish to bearish, and traders take it as a sign to sell their holdings.
Confirming the bearish trend, its negative directional index (red) was positioned above its positive index (green) at press time. The intersection occurred on 12th April, and these lines have maintained this position.
This suggests that DOGE sellers have regained market control and are causing a price decline. It is a bearish signal that hints at a potential further downward movement.
Regarding demand for the meme coin, its Chaikin Money Flow (CMF) — which tracks the flow of money into and out of an asset — returned a negative value.
Realistic or not, here’s DOGE’s market cap in BTC’s terms
A CMF value below zero indicates market weakness, as it suggests increased liquidity exit.
Source: DOGE/USDT on TradingView
At press time, DOGE’s CMF was -0.01.
