Lately, the Dogecoin price has been under pressure, leaving it behind in the crypto rally. At the time of writing, the coin was trading slightly higher at $0.29038. According to data by Coinmarketcap, the DOGE total market capitalization has slipped more than 7% in the last 24 hours to $37.94 billion. The coin ranks as the seventh-largest cryptocurrency in the world, sandwiched between XRP and USD Coin.
DOGE Price Action
While most cryptocurrencies jumped to all-time highs over the weekend, Dogecoin edged lower. The Dogecoin price has declined more than 4% in the last seven days. The altcoin is also trading almost 61% below its highest level this year. However, the coin is trading 1289% higher than its lowest point this year in January.
Coinmarketcap shows that the total volume of DOGE traded in the last 24 hours has jumped 22.99% to $3.1 billion. However, this is nearly 107% below its highest volume traded this year at $42.5 billion on May 8. It is also below August’s high of $6.6 billion.
While there is no immediate catalyst as to why Dogecoin has lagged, most analysts have linked the coin’s underperformance to the overall rotation. Most investors have left their DOGE trades and joined in on other high-yielding digital assets such as Cardano and Avalanche, which have jumped 37.58% and 127.37% in the last seven days.
DOGE Technical Analysis
The four-hour chart indicates that the Dogecoin price has been struggling to get back on the front foot. The coin has declined more than 18% from its highest point in August.
The DOGE coin is trading below the 50-day moving average, which is a bearish signal. It is trading above the 200 DMA. Its Relative Strength Index (RSI) is bearish, as, at 35.21, it is 5 points closer to the oversold region, hence further reinforcing its bearish outlook.
Therefore, the DOGE price is likely to demonstrate further weakness as bears target the support at $0.2520. However, in the long run, it is likely to break out to the upside to find resistance at August’s high at $0.3535.