Dogecoin (CRYPTO: DOGE) continues its downward trend, reflecting the situation of general stagnation that the Cryptocurrency market shows.
| Cryptocurrency | Price | Market capitalization | 24 hour trend | 7 day trend |
| Dogecoin (CRYPTO:DOGE) | $0.3885 | $57.2 billion | -4.1% | -3.6% |
| Shiba Inu (CRYPTO: SHIB) | $0.00002602 | 15.3 billion dollars | -4.7% | -5.9% |
| Pepe (CRYPTO: PEPE) | $0.00002179 | 9.2 billion dollars | -7.2% | -8.4% |
Trader analysis
Cryptocurrency trader More Crypto Online notes that Dogecoin’s recent 4% drop means the price has stalled in the consolidation phase.
The analyst suggests that holding above $0.365 could open the door to upside, but a drop below this level could direct attention towards the $0.25-$0.337 support zone.
Cryptocurrency chart analyst Ali Martinez highlights the negative market sentiment surrounding Dogecoin, attributing the current price stagnation to traders’ impatience during this long period of consolidation.
More Read
Market sentiment for #Dogecoin $DOGE you have turned negative. It seems as if traders are getting impatient during the ongoing price consolidation! pic.twitter.com/yb29147Bvg
— Ali (@ali_charts) December 17, 2024
Cryptocurrency trader Kevin adds that Dogecoin continues to face resistance, failing to reclaim the .786 Fib Macro level for over a week, and losing support at the .5 Fib Macro level on the line chart.
It also signals bearish signs for Bitcoin, which faces rejection at its 1.703 Macro Fib level, along with significant downside liquidity risks.
You can also read: Ross Gerber reveals his perspective: Bitcoin as the new hedge against inflation?
Kevin believes the near-term outlook for the market is bearish, given the potential pause in Federal Reserve rates and the Bank of Japan’s expected rate hike.
Dogecoin Statistics
According to Coinglass, Dogecoin short liquidations have fallen to $629,800, the lowest level since October 13.
Additionally, spot trading data shows continued negative net flows since December 12, with a net outflow of $34.3 million as of December 18.
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