Dogecoin (DOGE) appears poised to witness a decline in value as bullish pressure begins to wane.

The increased volatility observed in the coin’s market puts it at risk of significant price swings. Especially downward, as demand for the meme coin declines.

Dogecoin Holders Cannot Hide Their Pessimism

While DOGE’s price has risen by 7% in the past 24 hours, it continues to be trailed by negative weighted sentiment.  As of this writing, the coin’s Weighted Sentiment returned a value of -0.404. This metric has returned a negative value since May 5. 

An asset’s Weighted Sentiment measures the overall market sentiment surrounding it. The metric improves upon the simple positive and negative sentiments by considering the importance of each sentiment mentioned.

When it returns a negative value, the asset’s market is overwhelmed by negative sentiment. Its price is therefor expected to fall. Conversely, when the value is positive, the bulls are in control. 

The bearish trend in the DOGE market

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Author: Abiodun Oladokun

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