- Elon Musk’s endorsement raised expectations for Dogecoin, but recent trading activity reflects growing doubt among investors.
- Dogecoin shows a decrease in trading volume and large transactions, indicating lower trading activity recently.
Elon Musk’s support for Dogecoin (DOGE) created positive expectations for the most well-known meme coin. However, it seems that investors are beginning to doubt it, as reflected in recent trading activities .
Dogecoin’s situation shows a marked decrease in trading volume and a drop in the number of large transactions, indicating a drop in trading activity, according to a post by cryptocurrency analyst Ali Martinez on X on Feb. 12.
Large trades have fallen sharply, with a peak at a price of $0.075 and a volume of 33.5 million, which represents a considerable drop from just over a month ago when they reached 773 million.
When analyzing DOGE’s technical indicators and price patterns on different time frames, it is difficult to determine a clear direction, as this cryptocurrency has faced difficulties to overcome its resistance zones, located in the long term at $0.10 and in the short term at $0.085, with several drops.
The current market momentum shows a mixed picture, with the MACD line above the MACD signal line, suggesting bullish sentiment. However, the Relative Strength Index (RSI) is near the 48 level, indicating a neutral position.
The nearest support and resistance levels are located between $0.075 and $0.080, and then at $0.070, signaling possible points of buying interest.
At the time of this publication, DOGE is trading at $0.0801, down -3.32% in the last 24 hours, although it has managed to recover 1.59% of its gains in the last week.
In the last month, DOGE has seen a -0.76% decline in value.
