Is Dogecoin on a Slippery Slope? Find Out What Happened Next!

by

Well, well, well! It seems our dear old friend Dogecoin [DOGE] has taken a little tumble, plummeting below the not-so-mighty $0.10 support like a soufflé in a minor earthquake. Hitting a local low of $0.095 before bouncing back ever so slightly to $0.099, it’s almost like watching a soap opera at this point.

As we speak-because let’s face it, what else are you doing?-DOGE is trading at a thrilling $0.098, up a whopping 0.73%. Talk about volatility! One might even say it’s more unpredictable than a cat at a dog show.

Bearish Pressure: The Uninvited Guest at the Dogecoin Party

In a plot twist worthy of the best literary minds, DOGE has once again lost its $0.10 support level, largely thanks to an enthusiastic sell-side activity that could put even the most determined auctioneer to shame. Sellers have been dumping DOGE like hot potatoes, and alas, they’ve managed to strain the market to the point where it’s looking a bit like an overcooked pasta.

If we consult the Bulls and Bears power indicator over at TradingView, it appears our bearish friends are throwing quite the fiesta. For thirty consecutive days, the Bears have held court since they booted out the sellers on January 19th, and any valiant attempts by the bulls to reclaim their turf have been as effective as a chocolate teapot.

At the moment, the Bears boast a commanding score of 64 to the Bulls’ 9. That’s like bringing a bazooka to a water gun fight! Despite the occasional brave charge from the bulls, their efforts remain as futile as trying to teach a goldfish to climb a tree.

The Buyer-Seller Strength indicator is just piling on the misery, reporting that sellers are flexing their muscles with a remarkable strength of 68. If that doesn’t sound ominous, I don’t know what does!

Meanwhile, exchange activity is echoing this bearish dominance as if it were a bad karaoke rendition. According to Coinalyze, Dogecoin has recorded higher Sell Volume for five consecutive days, which signals a distinct lack of bullish enthusiasm. The poor memecoin saw a staggering 697 million in Sell Volume compared to a mere 619 million in Buy Volume. That’s a negative Buy-Sell Delta of -78 million, revealing a veritable avalanche of aggressive selling!

Historically, such antics have led to a strengthening of the downside while weakening any glimmer of hope for an upward trend. It’s like trying to lift yourself up by your own shoelaces-just doesn’t happen!

Is DOGE on the Brink of Further Decline?

Dogecoin appears to be traipsing below its critical support level with bearish pressure looming like a raincloud. With bears running amok, all attempts by the bulls to hold the line have proven as successful as a chocolate fireguard.

For instance, the memecoin’s Price Momentum Oscillator (PMO) is still sulking in the negative despite a previous bullish crossover. With the PMO holding its ground in negativity, it suggests that most price changes have been about as cheerful as a rainy Monday morning.

Consequently, markets are closing at lower levels, confirming a bearish trend-this isn’t just a little hiccup; we’re talking medium- to long-term downtrend here, folks.

Compounding the misery, the Relative Strength Index (RSI) has been stuck like a jammed record below 50 for a week, further validating this bearishness. Persistent bearish momentum haunts the scene like an uninvited ghost at a party, signaling a likelihood of continued downward movement.

If this trend continues, we could see DOGE sliding down to $0.092, possibly losing its $0.09 support and tumbling to $0.08. The only way to thwart this bearish nightmare is for DOGE to reclaim the elusive $0.10 and then firmly hold onto a respectable $0.11.

Final Summary

  • Dogecoin slipped below $0.1, hitting a low of $0.095 before rising slightly to $0.098 at press time.
  • DOGE’s downside spiral continued amid persisting bearish dominance in the market.

Read More

2026-02-20 14:29