Dogecoin lost over 11% of its prices in the past 24 hours, and when writing, it was trading at $0.1927 with a volume of $2.69 billion, yet in the weekly frame, the prices are down by 4.23%.
The Doge price registered a tremendous surge on March 03; however, the gains were fading on March 04 also, when Doge crossed the mark of $0.202.
Is Dogecoin an unrated crypto of the market?
As per the data, Doge is one of the 1st memecoin of the crypto market; however, since its launch till writing, it has never achieved the mark of $1.00; its highest traded price was recorded on May 08, 2021, which is 74% less the press time prices.
Dogecoin has continued to face criticism due to its close ties with influential personalities such as Elon Musk and a few others. The majority of times, it has also been observed that the piece of this meme token grew to new heights after Musk’s statements, either on social media or in other forms.
According to data from TradingView, the price of Dogecoin has been tumbling, and it has lost 39.35% in the year-to-date time frame, making it traded below 20, 50, 100, and 200 days exponential moving average.
Despite this initial bearish momentum, Dogecoin is expected to retest the resistance of $0.2355, followed by the next resistance of $0.33170; on the other hand, its initial support is $0.18097, and its subsequent support is $0.14540.
Dogecoin’s 10-day exponential moving average is $0.21426, the simple moving average is $0.21147, and the Hull moving average is $0.21025.
Not only Doge’s prices but also its market capitalization fell more than 8.24% in a week, reaching $28.54 billion, and saw a decline of roughly 38% in the past 30 days.
The market cap of Dogecoin is still below 20,50, 100, and 200-day exponential moving and has continued to fall. However, the recent bullish triangle by Doge is quite similar to the sudden surge registered in 2021.
In the past 24 hours, the highest traded price of Dogecoin was $0.2239, and it was the lowest traded at $0.1876. In the past 30 days, it was highest traded at $0.2925 and lowest at $0.1819.
Is Doge’s contribution to the memecoin market declining?
Over the weeks, the broader memecoin market has been declining, and according to CoinMarketCap, the market cap was $52.36 billion, and the trading volume of the memecoin tokens remains at $10.52 billion with a loss of 29.11 in the past 24 hours.
Dogecoin is one of the most visited meme tokens in the market, followed by Official Trump, Shiba Inu, Pepe, and Fartcoin; in terms of market capitalization, Dogecoin stands at the top with SHIB at 2nd, and Official Trump became the 4th most prominent.
