Dogecoin (DOGE) has been on a meteoric rise over the last several weeks following Elon Musk’s acquisition of Twitter. As a result some analysts are predicting that a 30% drop in the DOGE price is very likely.
Many people also believe that after DOGE’s 189% pump, we should not be surprised if the bears start stepping in as what goes up mostly goes down even faster.
According to CoinMarketCap, DOGE is currently trading at $0.1237 after a 5.32% drop in price over the last 24 hours, and after reaching a high of $0.1319 over the same time period.n In addition to the meme coin being in the red for today, DOGE is also now down more than 8% over the last week.
Also in the red today is DOGE’s 24 hour trading volume which is down almost 50% to now stand at $1,367,343,319.
With its market cap of $16,423,487,832, DOGE is currently the 8th biggest cryptocurrency, which places it right behind Binance USD (BUSD) in the 7th position, and in front of Cardano (ADA) in the 9th position.
Daily chart for DOGE/USDT (Source: CoinMarketCap)
The price of DOGE has been in a steep incline since the news of Elon’s Twitter acquisition. However, technical analysis suggests that DOGE’s price will decline just as quickly over the coming days.
One technical indicator that has flagged bearish is the daily Relative Strength Index (RSI) indicator crossing below the daily RSI SMA line. This recent bearish flag could trigger a downward spiral in DOGE’s price that could see its price drop to the 20 EMA level at $0.099.
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Source: Cryptocurrency - investing.com
