Dogecoin’s (CRYPTO: DOGE) official X account took a light-hearted dig on Thursday at the memecoin’s ongoing price slump.
DOGE Needs To Go Upright
Dogecoin posted an image of a Shiba Inu dog stretched in what looked like a classic yoga pose, with a caption, “Somebody needs to tell the charts to stop doing the downward dog.”
The responses reflected a mix of hope and playfulness, with one user editing the image to show a Shiba Inu standing upright, smiling, and sticking out its tongue, hinting at a possible market turnaround or correction.
Dogecoin Faces Tough Test
Dogecoin’s been struggling lately, just like the rest of the cryptocurrency market. The dog-themed memecoin had dived 9% in a week, and nearly 24% in a month, as selling pressure continued to mount.
The cryptocurrency recorded over a billion in trading volumes in just the last 24 hours, marking a 105% increase.
Cryptocurrency analyst Ali Martinez had flagged $0.087 as a crucial support for Dogecoin earlier in the month. However, a fresh wave of selling drove the price below that level, accelerating the downturn.
The Relative Strength Index, meanwhile, flipped into the oversold territory, according to data from TradingView, suggesting it may be a good time to enter the trade.
The Moving Average Convergence Divergence indicator, which compares two exponential moving averages of an asset’s price, typically the 12-period and the 26-period, flashed a “Sell.”
Price Action: At the time of writing, DOGE was exchanging hands at $0.07686, down 2.51% over the last 24 hours, according to data from Benzinga Pro.
Photo courtesy: Shutterstock
Login to comment