Dogecoin Down Another 4% As Sentiment Sours: What Is Going On?
By Benzinga
Dogecoin (CRYPTO: DOGE) continues to trend downward, reflecting broader stagnation in the cryptocurrency market.
| Cryptocurrency | Price | Market Cap | 24-Hour Trend | 7-Day Trend |
| Dogecoin (CRYPTO: DOGE) | $0.3885 | $57.2 billion | -4.1% | -3.6% |
| Shiba Inu (CRYPTO: SHIB) | $0.00002602 | $15.3 billion | -4.7% | -5.9% |
| Pepe (CRYPTO: PEPE) | $0.00002179 | $9.2 billion | -7.2% | -8.4% |
Trader Notes: Crypto trader More Crypto Online notes that Dogecoin’s recent 4% drop means the price stuck in a consolidation phase.
He suggests that holding above $0.365 could open the door for an upside breakout, but a drop below this level might direct attention to the $0.25–$0.337 support zone.
Crypto chart analyst Ali Martinez highlights negative market sentiment surrounding Dogecoin, attributing the current price stagnation to trader impatience during this extended consolidation period.
Crypto trader Kevin adds that Dogecoin continues to face resistance, failing to reclaim the Macro .786 Fib level for over a week and losing support at the Macro .5 Fib on the linear chart.
He also points out bearish signals for Bitcoin, which faces rejection at its Macro 1.703 Fib level, alongside substantial downside liquidity risks.
Kevin believes the market’s short-term outlook leans bearish, given the Federal Reserve’s potential rate pause and the Bank of Japan’s anticipated rate hike.
Statistics: According to Coinglass, Dogecoin short liquidations have dropped to $629,800, the lowest level since Oct. 13.
Additionally, spot trading data shows continuous negative net flows since Dec. 12, with a net outflow of $34.3 million as of Dec.18.
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Image: Shutterstock
