- Dogecoin is having a hard time above $0.2062 with the price declining 2.84 percent and below the Kijun-sen limit on the daily Ichimoku chart.
- The rate of market capitalization declined to $30.32 billion, and the scales decreased $19.59, indicating a decline in market activities.
- The red Kumo cloud and Chikou Span below price indicate that there would be further bearish pressure in the short-term around the support of $0.1986.
The most recent price movement of Dogecoin exhibits slight recovery after breaking down at the Kijun-sen mark in the Ichimoku chart of the day chart. Doge was trading at $0.2001 and is down by 2.84 per cent in the last 24 hours. It is worth noting that the market capitalization has declined by 2.83 percent to the value of 30.32 billion and 24-hour trading volume has reduced by 19.59 percent to 1.73 billion. The recent trend has placed Dogecoin almost above its major support of 0.1986 and the resistance is registered at 0.2062.
Dogecoin Faces Bearish Pressure Amid Weak Momentum
Dogecoin has bounced back according to the daily Ichimoku analysis as its price rebounded at the Kijun-sen baseline. This technical level tends to be a market price movement equilibrium. The chart shows that the price is still lower than the Kijun-sen, which is an indicator that the downward pressure may continue to be experienced in the short run.
The Chikou Span is below the price and the Kumo (cloud) is red indicating bearishness. This coincidence highlights the fact that momentum has been eroded close in the resistance zone. The decrease in volume of trading in 24-hour trading to 1.73 billion is consistent with a decrease in the rate of participation in the Dogecoin market. Volume to Market Cap ratio is 5.71 implying that the participants are playing it carefully.
As markets become less active, the market may have difficulties with attempting upward movements close to resistance. The shrinkage in volume also enforces the fact that traders who are trading in the short-term have become less active which indicates weak volatility.
Key Support Levels and Market Outlook
The immediate support level of Dogecoin is at $0.1986, which is a critical point that should be observed in the case of the persistent decline. The active price movement between $0.1986 and $0.2062 shows that the price movements within the range of 24 hours indicate a price consolidation towards recent lows.
Stability above the support however may serve to curb the movement to the down side. The Ichimoku framework still demonstrates a cautious tone within the market since the Kumo is still red, and the price movement is unable to retaliate to bullish levels.
