DOGE’s market cap fell to $20.5 billion.
It has lost over 7% in the last seven days.
Dogecoin [DOGE] and other memecoins were not spared from the recent market decline. While DOGE’s volume slightly increased, analysis indicated that sellers dominated it.
Dogecoin sees significant declines
AMBCrypto’s analysis of Dogecoin on a daily time frame chart showed that it had already begun its decline before the general market downturn.
The chart indicated that DOGE’s decline started around the 7th of June, dropping over 7%. This decline took its price from around $0.16 to $0.148.
At the end of trading on the 10th of June, DOGE was trading at around $0.144 after a decline of approximately 1.4%.
As of this writing, it was trading at around $0.141, following an additional decline of over 2%.
Dogecoin price trend
Source: TradingView
The analysis also showed that the over 7% decline on the 7th of June pushed its price below its short moving average (yellow line) and took it below the neutral line on its Relative Strength Index (RSI), indicating a bear trend.
As of this writing, Dogecoin’s trend remained below the yellow line, which now serves as resistance around the $0.15 price range. Additionally, the RSI was below 40, indicating a
strong bear trend.
