The trend line for Dogecoin (DOGE) has reportedly been moving in the descending channel. The data shows that on February 28, Dogecoin exhibited a high value at $0.1271. On March 2, the value of Dogecoin grew all the way up to $0.1367 per DOGE, before retreating to a lower price.
The data shows that the price of Dogecoin started descending and as of now, it has reached a 7-day low price of $0.1201 per DOGE. According to the analysis data, the value of Dogecoin has plummeted by 1.68%, and the value is still dropping.
On February 28, the trading volume for Dogecoin was at $765,755,924 but as of yesterday, the trading volume has dropped to $400,458,464. This means that the bears have been selling Dogecoin on a large scale and it is only a matter of time, Dogecoin becomes a slaughterhouse for the investors.
What are the Technical Factors Indicating?
As of now, the technical factors are moving in the bearish zone. This is because the moving averages for Dogecoin are currently observing “strong sell” sentiments for the investors. The oscillator scale is also observing “sell” sentiments for the Dogecoin investors. The summary scale for Dogecoin shows “sell” sentiments among the investors.
According to the scale, 15 out of the 26 investors are siding with “sell” sentiments, while 1 investor is siding with “buy” sentiments. The remaining (10) investors have neutral sentiments about Dogecoin.
This suggests that even if the bulls manage to bring the neutral investors to their side, the ratio of selling versus buying investors would be 15:11. Still, the bulls won’t be able to muster enough strength and power to push the bears.
As for the relative strength index for Dogecoin, it is also moving within the negative territory. At the time of publication, Dogecoin’s RSI is at 36.76, which is indicating that the situation is currently under the control of the bears.
How Low the Bears May Drive Dogecoin’s Price
At the moment, all the factors are indicating a strong bearish run for Dogecoin. The bulls are not a threat to the bears at all and the bears may keep up with the high selling activity to push Dogecoin down to $0.1104 per DOGE.
Even the general perception of the cryptocurrency industry is negative, and the bears may use it to their benefit to pushing Dogecoin’s price lower. The bears may continue building more pressure over the investors to bring them on their side.
Once DOGE hits $0.1104, the neutral investors may start making their move, and that would be to sell DOGE to save themselves from further losses. As a result, the price of Dogecoin may plunge to $0.1016, and it may soon fall to another major resistance mark ($0.09352).