- Dogecoin resumed its decline in the current trading session.
- Its RSI remains below its neutral line.
Dogecoin [DOGE] experienced a slight uptrend in its last trading session; however, this minor gain was insufficient to prevent an overall loss. The recent downturn in DOGE’s price exemplifies the broader decline that memecoins have recently faced.
Dogecoin sees a brief 2% gain
According to data from CryptoRank, Dogecoin [DOGE] experienced a brief positive trend, with its price increasing by over 2%. This gain was notable as it made DOGE the highest gainer within that specific time frame, outperforming major assets like Bitcoin and Ethereum.
However, despite this brief uptick, a deeper analysis of DOGE’s price chart indicates that the increase was insufficient to reverse its overall downtrend.
The short-lived gain failed to sustain momentum, and the broader market conditions continued to exert downward pressure on DOGE’s price.
DOGE slumps to a decline
Analysis of Dogecoin’s daily chart indicates that it experienced slight consecutive uptrends from August 28th to 30th after a challenging start to the week.
However, these gains were modest compared to the declines Dogecoin faced earlier in the week. The brief uptrend was disrupted in the most recent trading session.
DOGE saw a 0.4% decline, closing at around $0.101, despite briefly reaching $0.102 during the session.
Source: TradingView
As of this writing, the downtrend has continued, with DOGE experiencing an additional decline of over 1%. This brings its price down to approximately $0.098.
The chart analysis further reveals that DOGE is struggling with a bearish trend, as evidenced by its short-moving average acting as resistance. DOGE is currently trading below this moving average, which is around $0.11, reinforcing the bearish pressure.
Additionally, Dogecoin’s Relative Strength Index (RSI) has recently remained below the neutral line, indicating persistent selling pressure and weak momentum.
The RSI’s position below the neutral level suggests that the market sentiment around DOGE remains bearish, with little sign of immediate recovery.
Dogecoin leads memecoin decline
According to data from CoinMarketCap, Dogecoin (DOGE) remains the largest memecoin by market capitalization. Its value is over $14.5 billion as of this writing.
However, the data also indicates that Dogecoin has experienced a decline of over 8% in the past seven days.
Dogecoin is not alone in this downturn; other prominent memecoins like Shiba Inu and Pepe have also seen significant declines over the same period. This widespread decline reflects broader challenges facing the memecoin market.
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It has seen its total market capitalization drop from over $48 billion at the beginning of August to around $41.9 billion.
The nearly $7 billion reduction in the memecoin market’s capitalization highlights the waning interest and volatility of this segment of the cryptocurrency market.
