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Dogecoin Struggles To Break Past $0.153 Despite Bullish Attempts

18/05/2024 16:20

According to U.Today, Dogecoin (DOGE) experienced a setback in its attempt to surpass the $0.153 mark. The cryptocurrency is currently trading at $0.1526, marking a 1.17% decrease in the past 24 hours. This decline comes after the coin made a significant leap from $0.1491. Dogecoin's growth is largely influenced by general market sentiment, as it lacks a definitive internal catalyst. However, this sentiment was not strong enough to maintain interest in recent hours. The trading volume of the meme coin saw a significant drop of 38%, falling to $1,160,682,932. This level of retail volume does not align with the overall interest within the Dogecoin community. Dogecoin enthusiasts are eagerly awaiting the coin's addition to X Payments. The expectation is that this will increase demand for Dogecoin, thereby driving up its value in the long term. The current price action of Dogecoin, as shown in the DOGE 4H Chart, places the Relative Strength Index (RSI) at 53, slightly above average. A little pressure from DOGE whales to reverse the bearish outlook in daily volume could serve as a significant catalyst to boost prices. Despite the current bearish trend, Dogecoin has outperformed the general market in the year-to-date (YTD) period, with a 68% overall increase. If it maintains this pace, it could end Q2 on a positive note. The immediate price target for the coin is set at $0.16, which would match its four-week high.

Bullish

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