- DOGE has declined by 4.11% over the past 24 hours.
- Dogecoin’s market sentiment has turned negative as investors become impatient.
Since hitting a recent high of $0.48, Dogecoin [DOGE] has struggled to maintain an upward momentum. The memecoin has traded in a consolidation range between $0.42 and $0.37 since.
In fact, as of this writing, DOGE was trading at $0.3832. This marked a 4.11% decline on daily charts.
The recent decline after a sustained uptrend signals a potential shift in market dynamics. Inasmuch, popular crypto analyst Ali Martinez sees the current market conditions as a bearish signal.
Dogecoin’s market sentiment turns bearish
In his analysis, Martinez posited that Dogecoin’s market sentiment has turned negative. According to him, it seems traders have become impatient with the current price consolidation.
Source: X
A shift in market sentiment from bullish to bearish reflects exhaustion among buyers with sellers dominating the market.
Often, when sellers dominate, it results in high selling pressure and oversupply, thus pushing prices down.
This dominance among sellers was evidenced by the fact that DOGE’s RSI has dropped over the past 10 days. This suggests that most investors are selling to capitalize on recent gains and avoid more losses.
