Simon Chandler

Last updated:

June 24, 2024 at 18:00 GMT+3

| 3 min read

DOGE has dropped by 6% in the past 24 hours, with the Dogecoin price falling to $0.1189 as the crypto market loses 3% today.

Dogecoin has now declined by 11% in the past week and by 28% in the last 30 days, although the popular meme coin – the tenth-biggest crypto in the market – holds onto a 75% in the past year.

Given that it has spent much of the past month falling, DOGE’s technicals indicate that it should rebound strongly in the coming weeks.

And with the market waiting for lifts from Ethereum ETF launches and other sources, now may be a good time to buy the Dogecoin dip.

Dogecoin Price Falls to $0.11 – Is the Bull Market Over?.

DOGE has been falling more or less continuously since the start of April, when it reached a 30-month high of $0.223.

This is positive insofar as this continued decline has put DOGE in a heavily oversold position it should bounce back from soon.

Its relative strength index (purple) has almost dropped to 30, a bottom that usually precedes the return of buyers, if only for a short while.

What’s also significant is that DOGE’s 30-day moving average (orange) has been far below the 200-day (blue) for several weeks now, raising the chances of a recovery.

DOGE’s trading volume has also risen today, from $340 million a day ago to $690 million today.

This signals good interest for Dogecoin at this level, another sign that buyers have just begun returning.

However, some caution is in order, in that the meme token’s resistance (red) and support (green) levels have been declining in parallel for several weeks.

Also, it doesn’t seem like whales have returned in any big way to DOGE just yet, with the latest big activity involving potential sales.

But the coin does seem to have reached a point where it has taken a few too many discounts, with traders overselling it.

It’s likely to rally significantly in the coming days or weeks, with the market gearing up for the launch of Ethereum ETFs next month.

The entry of new demand and volume into Ethereum is likely to extend into a market-wide lift over time, helping the Dogecoin price to rise.

Also helping will be the eventual arrival of rate cuts, with central banks in the US, the UK and elsewhere likely to reduce rates by the beginning of the fall.

Greater optimism should...

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