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Cryptocurrency News Articles
Dogecoin (DOGE) Market Experiences a Significant Decline, Raising Caution Among Investors
Jan 09, 2025 at 04:00 pm
Dogecoin, one of the most talked-about cryptocurrencies, experienced a significant decline yesterday, plummeting by 14% from its $0.39 trading level.
Dogecoin (CRYPTO: DOGE) experienced a significant sell-off on Wednesday.
What Happened: The memecoin dropped by as much as 14% during the trading session. It was trading down 6.36% at $0.367 over the last 24 hours.
Dogecoin has been trading in a choppy manner for the last several months. The recent decline comes after the memecoin had been rallying for the last several trading days.
Dogecoin has experienced a volatile sell-off in recent months. The memecoin reached a 52-week high of $0.43 in April.
After reaching the 52-week high, Dogecoin experienced a sell-off that saw the memecoin lose half of its value. It reached a 52-week low of $0.23 in June.
Dogecoin has been rallying off the June lows and recently experienced a bullish cross on the Ichimoku Cloud. A bullish cross on the Ichimoku occurs when the Tenkan-sen crosses above the Kijun-sen on the chart.
A bullish cross on the Ichimoku is seen as a bullish signal by technical traders.
Technical traders also watch for a cross of the Chikou Span above the candlestick pattern on the chart. A cross of the Chikou Span above the candlesticks is also considered a bullish signal.
Dogecoin Price Action: Dogecoin is trading above the 200-day moving average. The memecoin is also trading above the Ichimoku Cloud, Tenkan-sen, Kijun-sen, and Chikou Span.
The relative strength index for Dogecoin is trading at 56, indicating that the memecoin is in overbought territory.
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