The Dogecoin price is in a tight range even as other crypto majors stage a strong recovery. DOGE is trading at $0.2340, where it has been in the past few days. The price is about 62% above its lowest level in June, bringing its total market value to more than $30 billion. Other major currencies like Bitcoin, Ethereum, and Polkadot have jumped substantially in the past 24 hours.
Dogecoin wavers as cryptocurrencies rebound
Dogecoin, once one of the most volatile cryptocurrencies, has lost its shine. While its price is substantially above its lowest level in June. it is barely moved in the past few days.
This sluggish movement is mostly because of its substantially low volume and fading demand from investors. A quick look at its social media mentions and Google searches shows that its interest has faded. Similarly, data compiled by CoinMarketCap shows that its volume has dropped substantially. The total volume of Dogecoin has declined to more than $1 billion from more than $5 billion on June 20th.
Recent data shows that Dogecoin was one of the most active cryptocurrencies in the first half of the year. The cumulative amount of the coin traded in the first quarter was more than $243 billion. It rose sharply to more than $863 billion in the second quarter. As a result, Robinhood generated almost $30 million from these transactions.
The Dogecoin price action also coincides with the overall underperformance of meme stocks. Recently, popular meme stocks like Blackberry, GameStop, and Clover Health have not had substantial movements. This is notable since Dogecoin is one of the best-known meme cryptocurrencies. Also, the DOGE price has probably lagged because of little or no mentions by Elon Musk, the second-richest man on earth.
Dogecoin price prediction
The daily chart shows that the Dogecoin price has struggled since May. Its price is about 70% below its all-time high of $0.7470. Along the way, the coin has formed a descending channel that is shown in blue. A closer look shows that this channel resembles a bullish flag. In fact, the price is clinging near the upper side of this flag.
At the same time, its price is slightly below the 25-day and 50-day moving average while the Average True Range (ATR) has declined. Therefore, there is a possibility that the coin will soon have a bullish breakout. If that happens, the coin will likely retest its all-time high, which is about 70% above the current level.