Amidst the prevailing uncertainty in the cryptocurrency market, the spotlight shifts towards prominent cryptocurrencies. Bitcoin's price fluctuation, dropping below $60,000 and then rebounding, has drawn attention, along with a growing interest in meme coins like DOGE.

DOGE's Current Status

Recent selling pressures have pushed Dogecoin (DOGE) into a decline. Bitcoin has experienced recurrent drops below $60,000, stabilizing at this level. Within a 24-hour span, a 4.3% decrease saw Bitcoin priced at $60,200. During this period, DOGE transactions remained at low levels, with its value against the Turkish Lira registering a significant 8% drop.

While the number of DOGE investors has increased since April, this surge may not be sufficient to trigger a price surge. The market sentiment indicates prevailing fear, possibly resulting in further downturns for meme coins.

DOGE Price Trends

Presently, DOGE stands at $0.1313, facing a price range between $0.14 and $0.165, portraying a support and resistance pattern observed in April. Capital outflows, as indicated by the CMF indicator at -0.09, have been evident in the market. The 12-hour RSI's position at 37 signals a downwards momentum, reflecting recent losses, with the low price range encouraging investor interest.

Amidst the bearish market outlook, the potential for market entry and losses mitigation is recognized, although forecasts hint at possible additional losses. Coinalyze data reveals minimal capital inflow, with a decline in Open Interest. Spot CVD trends have displayed a steady decrease since April 22, with recent fluctuations indicating a potential return to a declining pattern.

Looking ahead, an upsurge in the Spot CVD level could create an attractive environment for investors aiming to purchase at lower levels within the specified range.