DOG, the decentralized meme coin built on Bitcoin’s Runes protocol, is displaying strong bearish signals as it repeats a previously observed downward trend. The price is currently at $0.001641, having recently broken down from the key support level of $0.002121. Given the repeated bearish pattern, DOG is likely to continue its decline, with the next potential support level at $0.0006.
Key Bearish Indicators
1. Price Breakdown Below Support
2. Next Major Support at $0.0006
Bearish Market Structure
Decreasing Volume & Market Sentiment
Lower Highs and Lower Lows
Conclusion: Further Decline Likely
DOG’s bearish momentum suggests that the token could continue its downward trend, targeting $0.0006 in the near future. The break below $0.002121 solidifies the bearish outlook, and with a lack of strong buying support, further declines seem likely. Traders should watch for potential relief rallies, but the overall sentiment remains bearish unless the price reclaims higher support levels.
Key Bearish Indicators
1. Price Breakdown Below Support
- DOG has already fallen below $0.002121, a critical level that previously provided strong support.
- This confirms a bearish trend, with sellers pushing the price lower.
2. Next Major Support at $0.0006
- Based on historical price movements, the token could find support around $0.0006 if the bearish momentum continues.
- Breaking this level could trigger further downside pressure.
Bearish Market Structure
- DOG appears to be forming a descending triangle pattern, a strong bearish continuation signal.
- The previous price drop aligns with this pattern, suggesting further declines ahead.
Decreasing Volume & Market Sentiment
- DOG’s 24-hour trading volume is at $8.66 million, down 12.90%, showing weakening interest from buyers.
- The market cap sits at $161.23 million, reflecting a 3.63% decline in the last 24 hours.
- The Volume/Market Cap ratio of 5.25% suggests short-term speculative trading, rather than long-term accumulation.
Lower Highs and Lower Lows
- DOG has been forming lower highs and lower lows, a textbook signal of a persistent downtrend.
- Every rebound has been weaker than the last, indicating that buyers are losing strength.
Conclusion: Further Decline Likely
DOG’s bearish momentum suggests that the token could continue its downward trend, targeting $0.0006 in the near future. The break below $0.002121 solidifies the bearish outlook, and with a lack of strong buying support, further declines seem likely. Traders should watch for potential relief rallies, but the overall sentiment remains bearish unless the price reclaims higher support levels.
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Trade forex, indices, stocks and metals with up to US$100.000 in company's funding.
Complete a challenge to access funding or go for instant deposit.
Trading involves substantial risk. Not financial advice
Complete a challenge to access funding or go for instant deposit.
Trading involves substantial risk. Not financial advice
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.