Key takeaways
DOGE has misplaced its place because the Eighth-largest crypto by market cap after Tron’s TRX overtook it.
The coin might drop to the $0.15 stage because the broader sentiment stays bearish.
TRX flips Dogecoin
Tron’s TRX has been the perfect performer among the many high 10 cryptocurrencies by market cap this week. After a wonderful begin to the week, TRX has now flipped Dogecoin to turn into the Eighth-largest cryptocurrency by market cap.
At press time, Dogecoin’s market cap stands at $25.5 billion, whereas TRX has climbed to $26 billion. With Dogecoin buying and selling round $0.17 per coin, it might face additional promoting stress within the brief time period earlier than any substantial rally.
The promoting stress comes amid the bearish circumstances within the broader monetary markets brought on by the continuing battle within the Center East. Dogecoin, Shiba Inu, and different main memecoins have been underperforming as traders are pushing funds into risk-averse property.
Regardless of the present bearish circumstances, analysts stay optimistic about Dogecoin’s medium to long-term potential. DOGE continues to be 76% down from the all-time excessive worth of $0.7376, signalling room for progress over the approaching weeks and months.
DOGE might take a look at the $0.50 psychological stage earlier than a rally
At press time, the worth of Dogecoin stands at $0.1716, up 1% within the final 24 hours. Whereas analysts anticipate a rally within the medium to long run, DOGE might underperform within the brief time period.
The DOGE 4H chart exhibits that the cryptocurrency is presently bearish. The RSI of 48, down from 66 earlier this month, exhibits that DOGE is presently dealing with promoting stress. If that continues, the RSI might enter the oversold area.
The MACD has additionally slipped into the adverse zone, indicating that the patrons have relinquished management. The adverse efficiency might see DOGE take a look at the assist stage at $0.163 earlier than breaking all the way down to the $0.15 psychological stage.
Nevertheless, if the bulls regain management of the market, DOGE might take a look at the exterior liquidity stage round $0.20 within the coming days or even weeks.
