DOGE Price Crumbles as Technicals Point to Further Downside
Dogecoin (DOGE), the world’s largest meme coin, has been facing a tough time lately. Despite its popularity and being one of the pioneers in the meme coin space, DOGE has seen its price stagnate over the past year, while newer market entrants have offered the opportunity for higher returns. In fact, DOGE has crumbled by over 23% over the past month, currently trading at $0.082. The coin’s technical indicators are also pointing towards further downside. DOGE is trending below its 50-day exponential moving average (EMA) on the daily time frame, and trading volumes have declined significantly, indicating waning interest in the coin. This downward trend is a sharp contrast to DOGE’s heyday when it hit a high of $0.107 in December fueled by strong retail interest.
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