doge-usd
Olumide Adesina•Monday, February 3, 2025•1 min read
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MARKETS TREND
Dogecoin (DOGE) posted heavy losses last the crypto market turned into a bloodbath. Momentum indicators of the meme coin indicated a bearish trend, and the technical outlook suggests that the downturn will continue.
The meme coins DOGE and SHIB, which have a dog theme, have dropped by over 17 percent for the weekend. CoinGlass data shows that the coin continued their double-digit declines on Monday, leading to a wave of liquidations totaling over $90 million and more than $81 million in DOGE
Such massive liquidations may cause investors in dog-themed meme coins to experience Fear, Uncertainty, and Doubt (FUD), which may increase selling pressure and cause the prices of these coins to drop even further.
Dogecoin was rejected on January 21 at $0.40, around its 61.8 percent Fibonacci retracement level (drawn from the December 8 high of $0.48 to the December 20 low of $0.26). Over the following 10 days, it fell 27.80 percent, closing below its 200-day EMA at $0.31 on Saturday. It is trading down by about 12% at publication
If DOGE crashes further, it may continue to fall to test its weekly support at $0.18. Strong bearish momentum is indicated by the Relative Strength Index (RSI), which is 25 below its oversold levels of 30 on the daily chart.
Additionally, the Moving Average Convergence Divergence (MACD) displays a bearish crossover, indicating that the bearish trend is still in place.
Olumide Adesina
Financial Market Writer
Olumide Adesina is a French-born Nigerian financial writer. He tracks, analyzes, and reports changes in financial markets with over 15 years of working experience in investment trading.
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