The biggest memecoin Dogcoin $0.210486 (Doge) has faced a major decline in network activity since November 2024. The number of active addresses fell from 2.66 million to 130.28 million. The price is watching at $ 0.2101, and even though the rise of 2.42 percent in the last 24 hours, the long -term trend causes concern. Well, Dogecoin can get rid of this decline, the price can rise again?
What does Dogecoin say the price movements?
Dogecoin Price After the $ 0.41796 summit, the symmetrical triangle fell in the formation. The current price is $ 0.2101 and the closest support points are 0.17594 dollars. The important resistance levels in the upward direction are 0.27155 and $ 0.31413. If the cost of Dogecoin cannot remain over $ 0.2100, the decline can be expected to continue.
Moreover Relative power index The (RSI) indicator indicates that the downward tendency, which shows that sales pressure continues. The current appearance in RSI stands out as a factor that makes it difficult for Dogecoin to recover in the coming period.
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On the other hand, Dogecoin’s trading volume and network activity are also falling. At the end of 2024, the number of daily transactions reached the summit, but there is a significant decrease in the number of daily transactions. This decrease in network activity memecoinshows that the number of people using the network has decreased and the interest of miners has decreased. The fact that Dogecoin is not as popular as before can cause more depreciation in the long run.
Can the Dogecoin price recover?
In addition, the rate of value (MVRV) with the market value of Dogecoin decreased to 40.63 percent. This rate is still not negative, but it falls. This decrease in the proportion Dogecoin InvestorsHe shows that the probability of profitable decreases, while sales pressure may increase.
In addition, the decrease in the number of processes in the Dogecoin network reveals that the user interest weakens. In order to return to Memecoin’s old popularity under current market conditions, a large catalyst must emerge. Otherwise, Dogecoin seems difficult to recover very soon.
Responsibility Rejection: The information contained in this article does not contain investment advice. Investors should be aware that crypto currencies carry high volatility and thus risk and carry out their operations in line with their own research.
