• Dogecoin drops 2.93% to $0.2233 as trading volume falls 25.5%, indicating fading momentum in the market.
• RSI at 41.37 and MACD at a negative 0.0013 show bearish pressure, with no strong signs of reversal in the short term.
• Sellers dominate the market as DOGE fails to reclaim $0.23, keeping price action in a narrow downward range.

Dogecoin (DOGE) is currently trading at $0.22 and has decreased by 2.93% over the past 24 hours. The volume of trading reduced to 1.98 billion and exhibited a massive 25.5% decrease. However, this slump indicates a contraction of short-term trading interests.

Source: CoinMarketCap

DOGE fell by 14.96% in the past week, which is an indication that there is no momentum in the market. The recent price movement has put investors and analysts on alert. Traders have now been keenly watching the trend to see whether it will recover or exhibit further decline.

Analysts Predict Explosive DOGE Growth

Crypto analyst Javon Marks highlighted that DOGE may increase by 226% and approach the previous all-time high of $0.73905. He also proposed possible long-term targets of $1.42 and $2.11. This would signify gains of over 830% on the current price level.

Source: X

Moreover, another analyst, Galaxy, mentioned that Dogecoin was still in its accumulation stage. The analyst noted that the monthly RSI is yet to close to its peak. This can suggest upside potential in the long term.

Source: X

Also Read: Can Litecoin (LTC) Break $150? Analysts Predict Gradual Rally Ahead

RSI and MACD Reflect Weakness

The relative strength index RSI stands at 41.37. This is an indication of the market getting closer to an oversold state, but it is not yet there. The MACD line stands at a negative 0.0013, and the signal line is at a negative 0.0017. The histogram indicates a weak positive value of 0.0003. All these signs demonstrate that bearish pressure continues to exist.

Source: TradingView

The hourly chart indicates that it is still on a downward move. Dogecoin has not managed to recover above the $0.23 mark. The price action is in a narrow range. Buyers are cautious. The dominance of the sellers persists.

Dogecoin Faces Mixed Short-Term Forecast

According to CoinCodex, this development is mixed in the short term. July 31 will probably end up at $0.2241, a marginal increase. A decline to $0.2211 could be experienced on August 1. On Aug 2, the price may continue to $0.2185. The movements indicate further short-term fluctuations.

CoinCodex anticipates an uptrend to $0.244895 in August. The projected figure lies between 0.214236 and 0.289163. An increase to the higher side means 29.79% of upside value could be realised. Nonetheless, the technical picture currently fails to confirm the breakout.

The trend of Dogecoin is ambiguous. The indicators are neutral to bearish. The level of volume is declining. It has a low momentum. Bulls should recover to important levels in order to get back into the game. 

Also Read: Dogecoin Price Prediction: Breakout Could Drive DOGE to $0.28 and Beyond