The cryptocurrency market is experiencing significant losses. The Dogecoin price has also witnessed a sharp decline, leading to a situation where the majority of Dogecoin addresses are currently in a loss.
Over the past four days, the Dogecoin price has plummeted by approximately 28%, breaching the crucial golden ratio support at around USD 0.064.
Dogecoin Price Plummets 30% in 4 Days
This decline indicates a strong bearish sentiment, with the previous upward momentum no longer sustained, pushing Dogecoin back into a bearish trend.
Furthermore, the daily MACD signals a clear bearish trend, while the RSI is rebounding from oversold levels. Additionally, the daily chart displays a death cross of the EMAs, solidifying the bearish trend in the short to medium term.
However, Dogecoin is presently showing signs of a rebound from the horizontal support at $0.0615, indicating a possible upward movement in the short term.
Over 50% of Dogecoin Addresses Now Show Losses
This indicates that over half of the Dogecoin addresses are currently facing losses. Approximately 56.6% of Dogecoin addresses would experience a loss if they were to sell their DOGE tokens at the current market price.
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Author: Ryan James
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