#DOGE

Dogecoin plummets! What is the future price target?

Dogecoin (the currency represented by the annoying dog) has been performing worrisome recently. It has been struggling to maintain its gains, but memecoins (likely to refer to similar or related cryptocurrencies) have quickly lost their gains this month. The weekly and daily declines of altcoins reached 9.63% and 2.54% respectively, and the monthly increase has shrunk to 4.95%. Oh, I am also quite disappointed.

In fact, the decline in Dogecoin prices is likely due to the lack of confidence of traders. And this trend may continue.

Volume soars, supply increases, and Dogecoin suffers

Dogecoin is now at a low point, mainly due to a surge in large transaction volume and a significant increase in net flow of exchanges. When the net flow of exchanges is positive, it means that more cryptocurrency flows in than flows out, and the supply increases all of a sudden, and the price naturally falls.

The data also shows that the net flow of Dogecoin increased by $135.2 million in the past week, and investors are selling. In the past 24 hours, 156,000 large transactions were recorded, and the highest transaction volume in a week reached 1.58 million.

It seems that the price of Dogecoin will continue to fall.

Dogecoin plummets, the market is sluggish

The trading volume of Dogecoin has also plummeted by 33.94%, and the market interest has dropped significantly. Derivatives trading is also deserted, and participation has dropped a lot.

The indicator of open interest also shows that traders are less interested in Dogecoin. At the time of writing this article, the open interest in the previous 24 hours fell by 7.41%, worth $509.53 million.

Worse, there are still long positions worth $4.16 million that have been liquidated. Those traders who bet that Dogecoin can rise above its previous level have lost a lot this time.

All these indicators show that people are less interested in Dogecoin, and the bears are going to have the upper hand. So where will Dogecoin fall next?

Potential price targets for Dogecoin

Now, Dogecoin has failed to break through the resistance level of 0.12862 in the consolidation channel, and may face two key price targets next.

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