{"id":120523,"date":"2023-07-10T21:36:57","date_gmt":"2023-07-10T21:36:57","guid":{"rendered":"https:\/\/dripp.zone\/news\/why-dogecoin-will-continue-its-downtrend-after-late-june-rally-crypto-news\/"},"modified":"2023-07-10T21:37:00","modified_gmt":"2023-07-10T21:37:00","slug":"why-dogecoin-will-continue-its-downtrend-after-late-june-rally-crypto-news","status":"publish","type":"post","link":"https:\/\/dripp.zone\/news\/why-dogecoin-will-continue-its-downtrend-after-late-june-rally-crypto-news\/","title":{"rendered":"Why Dogecoin will continue its downtrend after late-June rally\n &#8211; Crypto News"},"content":{"rendered":"<p><\/p>\n<div>\n<p><i data-stringify-type=\"italic\">Disclaimer: The information presented does not constitute financial, investment, trading, or other types of advice and is solely the writer&#8217;s opinion.<\/i><\/p>\n<ul>\n<li><em>Dogecoin showed short-term bullish momentum earlier this month but the bears were back on top.<\/em><\/li>\n<li><em>The higher timeframe resistance at the $0.073 level did not yield, meaning DOGE could see the losses climb.<\/em><\/li>\n<\/ul>\n<p><a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/ambcrypto.com\/search\/dogecoin\" data-wpel-link=\"internal\">Dogecoin [DOGE]<\/a>  was trending higher on the lower time frame charts from late June.  This short-term momentum saw the meme coin climb past the <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/ambcrypto.com\/dogecoin-memecoin-shakes-off-shorts-to-reach-impressive-month-long-high\/\" data-wpel-link=\"internal\">$0.07 marks<\/a>But the report highlighted that a correction could begin.<\/p>\n<hr\/>\n<p style=\"text-align: center;\">Realistic or not, here&#8217;s <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/ambcrypto.com\/calculator\/marketcap\" data-wpel-link=\"internal\">DOGE&#8217;s market cap in BTC&#8217;s<\/a> terms<\/p>\n<hr\/>\n<p><a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/ambcrypto.com\/search\/bitcoin\" data-wpel-link=\"internal\">Bitcoin [BTC]<\/a>  saw some losses over the past week as well, which was reflected in the sentiment behind Dogecoin.  The evidence at hand did not support a DOGE recovery but instead signaled that a slump toward $0.053 and $0.048 could be underway.<\/p>\n<h4>The Dogecoin rally to $0.0728 was valiant but likely fruitless.<\/h4>\n<div id=\"attachment_326329\" style=\"width: 1950px\" class=\"wp-caption aligncenter\"><a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/statics.ambcrypto.com\/wp-content\/uploads\/2023\/07\/PP-2-DOGE-price.png\" data-wpel-link=\"internal\"><noscript><img loading=\"lazy\" decoding=\"async\" aria-describedby=\"caption-attachment-326329\" class=\"size-full wp-image-326329\" src=\"https:\/\/statics.ambcrypto.com\/wp-content\/uploads\/2023\/07\/PP-2-DOGE-price.png\" alt=\"Dogecoin set to continue longer-term downtrend after the late June rally\" width=\"1940\" height=\"1099\" srcset=\"https:\/\/statics.ambcrypto.com\/wp-content\/uploads\/2023\/07\/PP-2-DOGE-price.png 1940w, https:\/\/statics.ambcrypto.com\/wp-content\/uploads\/2023\/07\/PP-2-DOGE-price-300x170.png 300w, https:\/\/statics.ambcrypto.com\/wp-content\/uploads\/2023\/07\/PP-2-DOGE-price-1024x580.png 1024w, https:\/\/statics.ambcrypto.com\/wp-content\/uploads\/2023\/07\/PP-2-DOGE-price-768x435.png 768w, https:\/\/statics.ambcrypto.com\/wp-content\/uploads\/2023\/07\/PP-2-DOGE-price-1536x870.png 1536w\" sizes=\"auto, (max-width: 1940px) 100vw, 1940px\"\/><\/noscript><\/a><\/p>\n<p id=\"caption-attachment-326329\" class=\"wp-caption-text\">Source: DOGE\/USDT on TradingView<\/p>\n<\/div>\n<p>On the 1-day chart, we can see that the trend of DOGE was pointed downward.  On 10 June the price fell to $0.53 but rallied to $0.728 by 1 July.  This represented gains of 37.36% in three weeks.  On lower timeframes such as 4-hour and 1-hour, the trend had been bullish in early July.<\/p>\n<p>This started to change around 5th July.  After facing rejection at $0.072 on July 4, Dogecoin bulls were unable to defend the $0.0655 support.  This drop flipped the market structure bearishly.  In the 1-day chart we can see that the structure did not flip bullish at all.  The brief move above $0.072 was quickly quelled by the sellers, and the 78.6% retracement level held firm.<\/p>\n<p>With DOGE below the 61.8% retracement level, it appeared that the bears were preparing to drive the prices lower once more.  The RSI slipped below neutral 50 to signify a shift in momentum.  The OBV was unable to breach a resistance level from May, which highlighted the lack of conviction from the buyers.<\/p>\n<h4>The Open Interest chart reinforced the idea of \u200b\u200bbuyer weakness<\/h4>\n<div id=\"attachment_326340\" style=\"width: 1824px\" class=\"wp-caption aligncenter\"><a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/statics.ambcrypto.com\/wp-content\/uploads\/2023\/07\/PP-2-DOGE-coinglass.png\" data-wpel-link=\"internal\"><img loading=\"lazy\" decoding=\"async\" aria-describedby=\"caption-attachment-326340\" class=\"size-full wp-image-326340\" src=\"data:image\/svg+xml,%3Csvg%20xmlns=\" http:=\"\" alt=\"Dogecoin set to continue longer-term downtrend after the late June rally\" width=\"1814\" height=\"544\" data-lazy-srcset=\"https:\/\/statics.ambcrypto.com\/wp-content\/uploads\/2023\/07\/PP-2-DOGE-coinglass.png 1814w, https:\/\/statics.ambcrypto.com\/wp-content\/uploads\/2023\/07\/PP-2-DOGE-coinglass-300x90.png 300w, https:\/\/statics.ambcrypto.com\/wp-content\/uploads\/2023\/07\/PP-2-DOGE-coinglass-1024x307.png 1024w, https:\/\/statics.ambcrypto.com\/wp-content\/uploads\/2023\/07\/PP-2-DOGE-coinglass-768x230.png 768w, https:\/\/statics.ambcrypto.com\/wp-content\/uploads\/2023\/07\/PP-2-DOGE-coinglass-1536x461.png 1536w\" data-lazy-sizes=\"(max-width: 1814px) 100vw, 1814px\" data-lazy-src=\"https:\/\/statics.ambcrypto.com\/wp-content\/uploads\/2023\/07\/PP-2-DOGE-coinglass.png\"\/><noscript><img loading=\"lazy\" decoding=\"async\" aria-describedby=\"caption-attachment-326340\" class=\"size-full wp-image-326340\" src=\"https:\/\/statics.ambcrypto.com\/wp-content\/uploads\/2023\/07\/PP-2-DOGE-coinglass.png\" alt=\"Dogecoin set to continue longer-term downtrend after the late June rally\" width=\"1814\" height=\"544\" srcset=\"https:\/\/statics.ambcrypto.com\/wp-content\/uploads\/2023\/07\/PP-2-DOGE-coinglass.png 1814w, https:\/\/statics.ambcrypto.com\/wp-content\/uploads\/2023\/07\/PP-2-DOGE-coinglass-300x90.png 300w, https:\/\/statics.ambcrypto.com\/wp-content\/uploads\/2023\/07\/PP-2-DOGE-coinglass-1024x307.png 1024w, https:\/\/statics.ambcrypto.com\/wp-content\/uploads\/2023\/07\/PP-2-DOGE-coinglass-768x230.png 768w, https:\/\/statics.ambcrypto.com\/wp-content\/uploads\/2023\/07\/PP-2-DOGE-coinglass-1536x461.png 1536w\" sizes=\"auto, (max-width: 1814px) 100vw, 1814px\"\/><\/noscript><\/a><\/p>\n<p id=\"caption-attachment-326340\" class=\"wp-caption-text\">Source: <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/www.coinglass.com\/BitcoinOpenInterest\" data-wpel-link=\"external\">CoinGlass<\/a><\/p>\n<\/div>\n<p>The Open Interest chart above showed that the metric rose from mid-June onwards.  This was when DOGE climbed above the $0.061 mark and continued higher.<\/p>\n<hr\/>\n<p style=\"text-align: center;\">Is your portfolio green?  check the <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/ambcrypto.com\/calculator\/dogecoin-profit-calculator\" data-wpel-link=\"internal\">Dogecoin Profit Calculator<\/a><\/p>\n<hr\/>\n<p>Some buyers spotted the short-term rally and bought as prices slowly trudged higher.  Yet it paled in comparison to the rally the meme coin saw in early April when Dogecoin pushed to the $0.1 level.<\/p>\n<p>The lack of a strong uptrend on the OI suggested buyer confidence was low.  This trend was repeated on the lower timeframes as well, according to <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/coinalyze.net\/dogecoin\/open-interest\/\" data-wpel-link=\"external\">Coinalyze data<\/a>,<\/p>\n<\/p><\/div>\n","protected":false},"excerpt":{"rendered":"<p>Disclaimer: The information presented does not constitute financial, investment, trading, or other types of advice and is solely the writer&#8217;s opinion. Dogecoin showed short-term bullish momentum earlier this month but the bears were back on top. The higher timeframe resistance at the $0.073 level did not yield, meaning DOGE could see the losses climb. Dogecoin [&hellip;]<\/p>\n","protected":false},"author":2,"featured_media":120524,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[5],"tags":[230,225,221,227,226,228,229,60,223,224,222],"class_list":["post-120523","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-cryptocurrency","tag-brave","tag-coinbase","tag-crypto","tag-decentralised","tag-decentralized","tag-decentralized-exchange","tag-erc-20","tag-featured","tag-meme-coin","tag-robinhood","tag-solana"],"_links":{"self":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts\/120523","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/comments?post=120523"}],"version-history":[{"count":1,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts\/120523\/revisions"}],"predecessor-version":[{"id":120525,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts\/120523\/revisions\/120525"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/media\/120524"}],"wp:attachment":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/media?parent=120523"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/categories?post=120523"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/tags?post=120523"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}