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Warning Signs for Dogecoin Amidst Market Decline

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  • Dogecoin’s value surged by 4.43% in the last month.
  • Technical indicators position DOGE for further gains.

With Q1’s meme frenzy over, Dogecoin (DOGE) emerged as the only major meme coin to register an increase in value over the past month. Per insight from IntoTheBlock, an on-chain data provider, Dogecoin has rallied by 4.43% in the past 30 days. Conversely, meme coins such as Pepe (PEPE) and Shiba Inu (SHIB) saw declines, falling by 33% and 25.28%, respectively.

In the current session, Dogecoin trades at $0.16, reflecting a 4.77% rally in the past 24 hours. Data from Coinmarketcap shows that this rally mirrors the increase in the broader crypto market, which saw a 1.93% increase in market capitalization.

However, based on its daily chart, Dogecoin’s technical analysis reveals a bearish trend, with the MACD remaining below the signal line. Additionally, the negative directional index (red) has been above the positive (green) since April 12, indicating that sellers are currently controlling the market. This positioning suggests potential further declines in

Dogecoin’s price in the near term

Dogecoin Aims for Stability at Higher Price Level Amid Market Fluctuations
Dogecoin is resurging, aiming to establish $0.20 as its new support level. After experiencing fluctuations that brought its value down to about $0.12, DOGE has rebounded, consistently testing and holding above a previous long-term resistance level. As crypto analyst Rekt Capital highlights, this pattern indicates a positive trend.

“Dogecoin is now in the process of retesting this ~$0.20 level as new support. It could get volatile around here, but lose sight of this important technical step. Dogecoin is retesting this area to position itself for further future upside.” he asserted.

These trends suggest that Dogecoin could finish above the $0.20 mark in April, confirming its position within this new range. Nonetheless, if it fails to reach this target by the end of the month, the cryptocurrency will likely oscillate between $0.12 and $0.20 until it gathers momentum for another rise.

According to Coincodex, the current sentiment around Dogecoin is largely bullish, with most technical indicators pointing towards growth. Out of these, 21 indicators are bullish, while seven are bearish. Furthermore, projections for 2025 indicate that Dogecoin’s price could range from $0.129366 to $0.650073, potentially increasing by 304.18% from its current value.

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