Dogecoin (DOGE) Opens the Week Down 6% After Dropping 17% Over the Past Seven Days

Dogecoin (CRYPTO: DOGE) opened the week lower Monday evening after shedding 17% over the past seven days amid muted optimism from traders.

Cephii observed Dogecoin’s performance relative to Solana (CRYPTO: SOL), terming it the "meme coin vs. the chain of infinite meme coins."

He went on to argue that Dogecoin might be the best buy among the fragmented liquidity in Layer-1s, Layer-2s and meme coins.

The crypto trader highlighted Dogecoin’s seven-day relative strength index, which stood at 35. Cephii noted that the seven-day RSI levels for Layer-1 and Layer-2 tokens were largely in the overbought zone, while meme coins showed seven-day RSIs in the oversold zone.

suggesting doge might be the best buy out of the 7d liq fragment (L1s, L2s, memecoins)

7d RSI memecoins are oversold (doge 35) while L1s + L2s are mostly overbought (sol 70)

— cephii (@cephii_xyz) January 9, 2023

Altcoin Sherpa suggested that Dogecoin could deliver a "decent" move when altcoins rally but expressed skepticism about it leading the market like it did in November 2024.

"not sure if it's going to lead like we saw in early November," he said.

$DOGE not too many thoughts on this, think that it's going to make a decent sized move when alts go but not sure if it's going to lead like we saw in early November. Probably a fine buy but would be patient

— Altcoin Sherpa (@AltcoinSherpa) January 9, 2023

Trader Tardigrade highlighted bullish signals for Dogecoin, emphasizing fractal patterns and an RSI alignment, which he said were signaling an impending rally.

"Patience is key here, but I think doge is going to give you a nice return in the near future. Fractal + RSI bullish," he said.

fractal + rsi alignment on doge signaling an impending rally. patience is key here, but i think doge is going to give you a nice return in the near future.

— tardigrade (@tropicardegrade) January 9, 2023

Dogecoin Price Action: At press time, DOGE was trading at $0.33, down 6.04% over 24 hours and 16.7% over the past seven days. The seven-day range for the coin was seen at a low of $0.29 and a high of $0.35.

Over the past 30 days, the coin had shed 21.0% and was seen trading lower by 83.3% year-over-year.

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On-Chain Analysis: Whale Alert data, in a post on Twitter (NYSE:TWTR) on Jan. 10, showed around 112.7 million DOGE, valued at $37.99 million, was transferred from an unidentified wallet to Coinbase (NASDAQ:COIN).

Crypto chart analyst Ali Martinez highlighted on Saturday on Twitter that whales purchased 470 million DOGE in the past 24 hours.

Coinglass data showed DOGE Derivates trading volume had spiked 62.6% to reach $5 billion in the past 24 hours, while liquidations stood at $15.88 million, out of which $13 million were in long liquidations.