By Solomon Odunayo
Experienced individuals within the cryptocurrency industry are now aware Dogecoin has traded in deep waters longer than it has explored shallow waters. Moreover, the asset’s price performance shows readiness to maintain its streak.
What Next for Dogecoin
DOGE’s next chapter isn’t lucrative. The price indicators show the canine-themed crypto primed for more declines on its charts, and Dogecoin seems to luck community support this time. The BB reveals the first signal as the alt maintained close actions beneath the basis line.
Nevertheless, the original meme coin might escape a massive crash as the bands remained close, which means low volatility. That would lead to fewer price swing chances.
Moreover, the upside backing DOGE received from the Parabolic SAR fades, and the indicator seems ready to flip into a steady downward trend. Nevertheless, the Squeeze Momentum indicator recoiled, presenting the first bullish indication in over 45 days.
Nevertheless, this indicator has not offered accurate uptrend predictions in the past, with green bars appearing at the start of a collapse and disappearing amidst bearishness. Moreover, fear has dominated the broad market for a while, and it does not look like slight bullishness will do much for Dogecoin.
Though Dogecoin is yet to launch downtrends, market players try to offload by selling holdings to prevent more losses. Moreover, on-chain data shows more selling activity than buying in the marketplace.
Moreover, market players make sense with their move since DOGE has its price at lifetime lows. Generally, investors’ behavior confirms market players have no reason to keep DOGE. Investors will likely sell more if prices decline further. Moreover, the altcoin remains primed for declines in the coming sessions.
Meanwhile, Dogecoin will trend according to broad market sentiments. While publishing this blog, the crypto world reflected impressive actions. Bitcoin gained more than 5% to $31.3K. Also, the cumulative value of all digital tokens increased by 4.98% within the past day to $1.29 trillion.
Maintaining this trend in the near term can trigger trend shifts. That would see Dogecoin on leg ups. However, sellers have emerged to cancel BTC’s upswings beyond $30K. Will the trend repeat? Stay tuned for upcoming news.