Dogecoin (DOGE) Price Remains Steady Despite Elon Musk’s Court Win

2024-8-30 16:00

Dogecoin (DOGE) has remained largely unaffected after US District Judge Alvin Hellerstein dismissed a lawsuit against Elon Musk and Tesla, which alleged that they manipulated the coin’s price.

As of press time, DOGE is trading at $0.10, showing a 0.18% price decline and a 24% drop in trading volume over the past 24 hours.

Dogecoin Seeks to Extend Decline

DOGE’s muted reaction to Judge Hellerstein’s ruling can be attributed to the bearish pressure currently weighing on the altcoin. Its technical setup on a 12-hour chart indicates that bears are dominating the market, pushing to extend its month-long decline.

For instance, DOGE’s Directional Movement Index (DMI) shows the positive directional indicator (+DI) in blue lying below the negative directional indicator (-DI) in red, signaling continued bearish control.

Dogecoin Price Analysis. Source: TradingView

An asset’s Directional Movement Index (DMI) measures the strength and direction of a trend. When the +DI falls below the -DI, it signals a strong downtrend, indicating bearish market conditions where selling pressure dominates and a continued price decline is likely.

Additionally, DOGE’s Chaikin Money Flow (CMF) recently crossed below its zero line, signaling weakening buying pressure. Currently, the indicator stands at -0.05.

Read More: Dogecoin (DOGE) Price Prediction 2024/2025/2030

Dogecoin Price Analysis. Source: TradingView

The CMF measures the flow of money into and out of an asset’s market. A CMF value below zero suggests market weakness and liquidity outflow, which traders often interpret as a precursor to a sustained price decline during a downtrend.

DOGE Price Prediction: Coin Risks Falling to August 5 Low

DOGE’s derivatives market has also seen a decline in trading volume over the past 24 hours, dropping by 24% to $650 million.

Despite DOGE’s technical indicators suggesting an extended downtrend, futures traders continue to open long positions, as shown by its positive funding rate across cryptocurrency exchanges. Currently, DOGE’s funding rate stands at 0.008%.

Dogecoin Funding Rate. Source: Santiment

A positive funding rate indicates that there is more demand for long positions, meaning more traders are betting on a price rally than on a decline.

However, if selling pressure increases and DOGE continues its downward trajectory, its value could drop toward its August 5 low of $0.08, risking the liquidation of several long positions.

Read more: Dogecoin (DOGE) vs Shiba Inu (SHIB): What’s the Difference?

Dogecoin Price Analysis. Source: TradingView

Conversely, a bullish shift in market sentiment could lead to a 10% price surge, pushing DOGE to $0.11.

The post Dogecoin (DOGE) Price Remains Steady Despite Elon Musk’s Court Win appeared first on BeInCrypto.

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Dogecoin (DOGE) на Currencies.ru

$ 0.1049 (+0.31%)
Объем 24H $518.366m
Изменеия 24h: -1.69 %, 7d: -1.64 %
Cегодня L: $0.1044 - H: $0.1055
Капитализация $15.322b Rank 8
Цена в час новости $ 0.0991826 (5.76%)

dogecoin doge steady win elon court musk

Источник: beincrypto.com

dogecoin doge → Результатов: 126


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Dogecoin’s $DOGE spent most of August in a narrow $0.10 channel, but in the last week, a breakout was attempted, and it rose by 8.5% to a $0.114 peak.  Yesterday, Twitter analyst Ali Charts told and shared a chart with his 70k followers that Dogecoin’s price shows a bullish divergence against the Relative Strength Indicator […] The post Is Dogecoin Dead? This Sign Suggests a Potential DOGE Price Rebound Is On The Horizon appeared first on CaptainAltcoin.

2024-9-3 09:25


IntoTheBlock: Большинство держателей Dogecoin получают прибыль

В конце марта Dogecoin (DOGE) достигал $0,22, последний раз на таком уровне цифровая валюта торговалась в ноябре 2021 года. Однако уже в середине апреля DOGE упал $0,149. Только накануне вечером он смог вырасти до $0,150.

2024-4-19 00:01


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