⚡️ Hello everyone! For a long time, DOGE remained one of the main symbols of the crypto industry and a leader among meme coins.
But lately, the token has been looking frankly gloomy, and even Elon Musk can hardly pump it up. Is the DOGE era really over? Let's figure it out!
📊 Technical Analysis:
DOGE continues to be in correction and has now formed a flag on the daily chart and may soon break through one of the sides. It will likely choose a direction for movement in the near future, but which one is most likely?
There is a small GAP above the current price at 0.28 - 0.323. And as we know, 99% of GAPs close sooner or later. At the same time, the token is now trading at last year's local top levels, which is one of the key supports in this cycle.
⚙️ Metrics and indicators:
Volume - throughout the correction, sales volumes continued to weaken, forming a divergence. However, it is barely noticeable and practically flat, which means that sales volumes in the token remain high.
DMF - liquidity is in harmony with the price, and capital outflow from DOGE has been ongoing throughout this period. There is virtually no inflow of fresh liquidity. Without it, the asset will not be able to return to growth.
DSRZ - strong support level at approximately 0.134 - 0.119. This means that even current levels are considered overvalued and real demand will start significantly lower.
🌐 Fundamentals:
DOGE was a symbol, one of the first memecoins. But this is a memecoin super cycle, as it was dubbed in X. And now there are so many new and relevant memes, including in the top 100, that it is simply impossible to count them all.
In addition, DOGE was primarily associated with Elon Musk. But even his antics have become commonplace, and he rarely manages to pump the token price high. Moreover, last year, the mascot depicted on the DOGE token itself died, and now it is only a tribute to his memory.
📌 Conclusion:
During the recent rebound, when memecoins were giving hundreds of percent returns, DOGE looked frankly weak. The volumes were negligible. And the ongoing liquidity outflow, which has been going on for more than six months, only confirms the loss of interest among holders.
At the moment, the asset is slowly dying, and in order to really start attracting interest, it needs to drop significantly lower to become the subject of speculation again.
And I think this level is even lower than 0.11. Then it will become really attractive. Although it is difficult to assess whether DOGE is overvalued or undervalued, because it is a meme coin. But at levels below 0.119, I personally start to consider it for spot purchases.
But lately, the token has been looking frankly gloomy, and even Elon Musk can hardly pump it up. Is the DOGE era really over? Let's figure it out!
📊 Technical Analysis:
DOGE continues to be in correction and has now formed a flag on the daily chart and may soon break through one of the sides. It will likely choose a direction for movement in the near future, but which one is most likely?
There is a small GAP above the current price at 0.28 - 0.323. And as we know, 99% of GAPs close sooner or later. At the same time, the token is now trading at last year's local top levels, which is one of the key supports in this cycle.
⚙️ Metrics and indicators:
Volume - throughout the correction, sales volumes continued to weaken, forming a divergence. However, it is barely noticeable and practically flat, which means that sales volumes in the token remain high.
DMF - liquidity is in harmony with the price, and capital outflow from DOGE has been ongoing throughout this period. There is virtually no inflow of fresh liquidity. Without it, the asset will not be able to return to growth.
DSRZ - strong support level at approximately 0.134 - 0.119. This means that even current levels are considered overvalued and real demand will start significantly lower.
🌐 Fundamentals:
DOGE was a symbol, one of the first memecoins. But this is a memecoin super cycle, as it was dubbed in X. And now there are so many new and relevant memes, including in the top 100, that it is simply impossible to count them all.
In addition, DOGE was primarily associated with Elon Musk. But even his antics have become commonplace, and he rarely manages to pump the token price high. Moreover, last year, the mascot depicted on the DOGE token itself died, and now it is only a tribute to his memory.
📌 Conclusion:
During the recent rebound, when memecoins were giving hundreds of percent returns, DOGE looked frankly weak. The volumes were negligible. And the ongoing liquidity outflow, which has been going on for more than six months, only confirms the loss of interest among holders.
At the moment, the asset is slowly dying, and in order to really start attracting interest, it needs to drop significantly lower to become the subject of speculation again.
And I think this level is even lower than 0.11. Then it will become really attractive. Although it is difficult to assess whether DOGE is overvalued or undervalued, because it is a meme coin. But at levels below 0.119, I personally start to consider it for spot purchases.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.