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Dogecoin (DOGE) Faces Rejection as Volume Drops 38%

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Fri, 17/05/2024 - 14:01
Dogecoin (DOGE) Faces Rejection as Volume Drops 38%
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The attempt by Dogecoin (DOGE) bulls to push the price of the coin beyond the $0.153 mark suffered an intense rejection overnight. At the time of writing, Dogecoin is currently trading for $0.1526, down by 1.17% in 24 hours. The price slump derailed its efforts as it ambitiously jumped from a low of $0.1491 to its current level.

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DOGE Price Chart via TradingView

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Dogecoin is always pushing for a breakout. While it has no definitive internal catalyst that can drive its growth, it has managed to propel its growth from general market sentiment. This was, however, not enough to push interest in the past few hours. The meme coin’s trading volume suffered a massive slump, down by 38% to $1,160,682,932.

This level of retail volume is not commensurate with the general interest in the Dogecoin community. As reported earlier by U.Today, Dogecoin proponents are strongly anticipating the addition of DOGE to X Payments. The expectation is that when it is live, there will be more demand for Dogecoin, hence driving more value to DOGE in the long term.

The price action of Dogecoin, as depicted in the DOGE 4H Chart, pegs the Relative Strength Index (RSI) at 53, a little above average. From here, a little pressure mounted by DOGE whales to revert the bearish outlook in daily volume can serve as a major catalyst to boost prices.

With vocal voices within the Dogecoin ecosystem exerting their influence in the market as a whole, it remains to be seen where the next catalyst for growth will spring up from.

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In the year-to-date (YTD) period, Dogecoin has outperformed the general market, up by 68% overall. Should it sustain this pace, it might end Q2 on a positive note, irrespective of the current bearish trend. In all, the coin’s immediate price target is set at $0.16 to match its four-week high.

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