Dogecoin Price Shows Signs of Weakness as Momentum Fades
Market technician Tony Severino has analyzed the monthly chart for Dogecoin (DOGE), indicating a potential decline in its value. Key observations include:
- DOGE is currently priced at $0.1694, down approximately 2.3%.
- Severino identifies three significant price peaks:
- January 2018 peak near $0.02
- May 2021 peak just below $0.70
- Recent high under $0.26 before dropping below $0.20
- The LMACD indicator shows a crossover, with the blue line below the orange signal line, signaling a negative histogram value of -0.0263.
- This pattern mirrors previous downturns in 2018 and 2022, suggesting a possible multi-year decline ahead.
- DOGE faces resistance at $0.48 and support near $0.05 to $0.13.
- Broader crypto liquidity is thinning, affecting risk appetite due to external economic factors.
At the time of reporting, DOGE was trading at $0.168. The analysis suggests that unless new buying momentum emerges, DOGE may see further declines.
