Bears Dominate Dogecoin Market as Price Falls to Intraday Low
The Dogecoin (DOGE) market has been dominated by bears over the last day, with bullish attempts to reclaim ground encountering resistance at the day’s high of $0.07574. The failure of the bulls to break through the barrier has resulted in the price of DOGE falling to an intraday low of $0.07366. As of this writing, the price has fallen 1.77% to $0.07412 due to bearish pressure.
The decrease in trading activity is due to the bearish trend and poor investor confidence. The decreased demand for cryptocurrencies adds to the downward pressure on the price. Market capitalization has plummeted to $9,831,710,335, and 24-hour trading volume has dropped to $244,899,342 as investors exit the market expecting more price declines.
The negative trend line in the DOGE/USDT price chart suggests a clear downward trend, and the price may continue to fall in the coming days. However, some analysts believe that the market may rebound if there is a surge in demand for cryptocurrencies.
Investors are advised to exercise caution when trading in the DOGE market, as the current bearish trend may continue for some time. However, those who are willing to take a risk may find opportunities to buy DOGE at a lower price and sell it at a profit when the market rebounds.
