{"id":75557,"date":"2023-11-28T16:06:39","date_gmt":"2023-11-28T16:06:39","guid":{"rendered":"https:\/\/kryptodata.se\/what-is-the-reason-behind-the-decline-in-dogecoin-price-today\/"},"modified":"2023-11-28T16:06:39","modified_gmt":"2023-11-28T16:06:39","slug":"what-is-the-reason-behind-the-decline-in-dogecoin-price-today","status":"publish","type":"post","link":"http:\/\/kryptodata.se\/what-is-the-reason-behind-the-decline-in-dogecoin-price-today\/","title":{"rendered":"What is the reason behind the decline in Dogecoin price today?"},"content":{"rendered":"

Dogecoin’s price is down today, primarily due to technical factors and a broader correction in the cryptocurrency market. The memecoin has experienced a drop of over 3.5% to $0.076, underperforming the overall market’s 1.25% decline. This pullback is attributed to several reasons:<\/p>\n

1. Bearish Divergence: There has been a growing bearish divergence between Dogecoin’s price and a key momentum indicator. While the price formed higher highs between October and November, the daily relative strength index (RSI) dropped, indicating weakness in the uptrend.<\/p>\n

2. Rising Bitcoin Dominance: The decline in Dogecoin’s price is part of a broader decrease in the altcoin market weight compared to Bitcoin. Traders have been rotating their capital from altcoins to Bitcoin, as seen in the rising Bitcoin Dominance Index.<\/p>\n

3. Psychological Resistance: Dogecoin faced a bearish rejection near its 0.236 Fib line at $0.081, which has acted as a strong distribution area since May 2023. The failure to close above this level suggests a high likelihood of continued pullback, with the 50-day exponential moving average (50-day EMA) near $0.072 as the primary downside target.<\/p>\n

4. DOGE Whales Selling: The decline in Dogecoin’s price coincides with a reduction in supply held by its richest investors. Addresses with balances between 100 million and 1 billion DOGE tokens have decreased, while those holding over 1 billion DOGE have increased, potentially indicating whales transferring their holdings for selling purposes.<\/p>\n

In summary:<\/p>\n

– Dogecoin’s price is down today due to technical factors and a broader correction in the cryptocurrency market.<\/p>\n

– Bearish divergence between price and RSI suggests weakness in the uptrend.<\/p>\n

– Rising Bitcoin dominance has led to a decrease in altcoin market weight.<\/p>\n

– Dogecoin faced a bearish rejection at a strong distribution area near $0.081.<\/p>\n

– Reduction in supply held by DOGE whales may indicate selling pressure.<\/p>\n

– The future of Dogecoin’s bull market depends on breaking above the upper trendline of its descending triangle setup. Failure to do so could result in further decline.<\/p>\n","protected":false},"excerpt":{"rendered":"

<\/p>\n

Dogecoin is down today primarily due to technical factors as DOGE price now risks a deeper correction by as much as 70%.<\/p>\n","protected":false},"author":1,"featured_media":75558,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"Default","format":"standard","meta":{"_oct_exclude_from_cache":false,"site-sidebar-layout":"default","site-content-layout":"default","ast-global-header-display":"","ast-main-header-display":"","ast-hfb-above-header-display":"","ast-hfb-below-header-display":"","ast-hfb-mobile-header-display":"","site-post-title":"","ast-breadcrumbs-content":"","ast-featured-img":"","footer-sml-layout":"","theme-transparent-header-meta":"","adv-header-id-meta":"","stick-header-meta":"","header-above-stick-meta":"","header-main-stick-meta":"","header-below-stick-meta":"","footnotes":""},"categories":[21],"tags":[47],"class_list":["post-75557","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-altcoins","tag-bitcoin"],"yoast_head":"\nWhat is the reason behind the decline in Dogecoin price today? 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