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Dogecoin prices fail to move despite weekend hype

2min Read

Trading around $0.06, DOGE has consolidated in a tight range in the last month, and the uptick in the coin’s social activity this weekend has failed to tell on its price.

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  • DOGE ranked as the memecoin with the most social activity during the weekend.
  • However, its price remains consolidated within a tight range. 

Dogecoin [DOGE] has led the way in memecoin hype this weekend, but this has yet to translate into any positive movements for its price. Although ranked as the fifth most-discussed crypto asset according to data tracked by social intelligence platform LunarCrush, DOGE’s price has remained relatively flat, trading at around $0.06 as of this writing.

 


Read Dogecoin’s [DOGE] Price Prediction 2023-24


The DOGE without a woof in it

Impacted by the general market inactivity and price consolidation of the past few months, DOGE’s value has lingered within the $0.062 and 0.60 price range since 17 August.

While the memecoin buyers have since stayed their hands from executing big trades, sellers have overtaken the market and have slowly offloaded their DOGE holdings.


On a D1 chart, readings observed from the coin’s Directional Movement Index put the sellers in control at press time, and they have since been for the last month. As of this writing, the Positive Directional Indicator (green) at 13.72 rested below the Negative Directional Indicator (red) at 20.18. 

Further, DOGE’s Choppiness Index has risen steadily since the end of August to be positioned above the 61.8 limit by press time. This technical analysis indicator measures the trendiness or choppiness of a market.

The market for an asset is said to be choppy when its price moves up and down in a narrow range with no clear trend. 

When an asset’s CHOP index is above 61.8, the market is deemed to be “choppy,” and traders often avoid making trades. At press time, DOGE’s CHOP index was 61.20. 

DOGE’s Aroon Indicator confirmed the state of relative inactivity amongst the coin’s spot traders. This indicator is used to identify trend strength and potential trend reversal points in a crypto asset’s price movement.


How much are 1,10,100 DOGEs worth today?


 

At press time, the Aroon Up Line (blue) was 7.14%. When an asset’s Aroon Up line is close to zero, the uptrend is weak, and the most recent high was reached a long time ago.

Conversely, DOGE’s Aroon Down line (orange) was 78.57%. This showed that the most recent low was reached relatively recently, and the downtrend in the market was strong.

Source: DOGE/USDT on Trading View


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Abiodun is a full-time journalist working with AMBCrypto. He is also a lawyer with over 2 years of experience. With a keen interest in blockchain technology and its limitless possibilities, Abiodun spends his time understanding the technology, building projects, and educating people about it.
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