Dogecoin’s plunge continues as it has failed to hold support at $0.08 Unfortunately, the Dogecoin prices could fall even further because the bears seem to have bypassed its triangular structure. It was tethered ferociously the month before.
If the structure is breached, bears can pump in capital to make more money from the DOGE plunge. The bearish candle has fallen head-first, which gives traders more confidence to take a bearish position.
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DOGE’s price currently sits at $0.075. A pause can be expected before the bull run of $0.072 begins. The bearish outlook for the market will not change until liquidity at $0.068 runs out.
Another strong indicator of a bearish control is the DOGE price wasn’t able to get through the Relative Strength Index 40 level.
Dogecoin Mining Revenues Down
DOGE fell 89.50% from its high but seems to have increased by 12.78% over the $0.07 cycle low.
Despite some improvement, DOGE mining revenues are still at 76.2%, which makes it one of most profitable mining options, according crypto market data aggregation platform CryptoRank.
Dogecoin ranks at the top among the most profitable five mining options. Source: CryptoRank.
A drop of more than 70% in mining profitability is not impressive at all for traders – not one bit. Does this give you a clue? trend exhaustionAnytime soon?
In the week that passed, DOGE’s price fell by 3.488% and traded at around $0.077. DOGE also saw a sharp drop in the meme token on May 11. Since then, the trading has been tight. This could indicate an upward move.
These indicators suggest a bearish tendency. RSI appears to have sunk below neutral or is even southbound at the time of writing.
DOGE's total market cap is $8.10B on the weekend chart. Source: TradingView.com| Source: TradingView.com
No Sign Of Trend Exhaustion
In the meantime, DOGE volatility is still at only 88.28% over the last 30 days. These indicators indicate that trend exhaustion is unlikely in the coming weeks.
Before placing long-term bets, investors should examine the volume. A free fall has occurred following April 26, which suggests a lack of buying or selling activity. For the past few weeks, investors have been less interested in stocks.
The current social dominance score hovers at 4.88% in press time, which means that social media is still playing a major role and people continue to talk about Dogecoin, despite all the cold weather.
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Featured image taken from Zipso.net. Chart from TradingView.com