Dogecoin’s Descent: A Hilarious Tale of Loss and Lamentation

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  • Ah, the tragic plight of Dogecoin: low social media engagement and dwindling on-chain activity!
  • October’s lows loom ominously on the horizon, like a dark cloud over a sunny picnic.

In a most unfortunate turn of events, Dogecoin [DOGE] has plummeted by 20% from the dizzying heights of Saturday’s $0.171. In the last 24 hours, a staggering $37.15 million worth of liquidations have swept across exchanges, with a whopping $31.87 million—85.78%—belonging to those optimistic long positions. Oh, the irony! 😂

As if the universe conspired against it, Dogecoin experienced a 22.6% price slide in just 24 hours, while Bitcoin [BTC] also shed 10.68% of its value, all thanks to the panic that spread like wildfire across global markets amidst trade war developments. Investors, brace yourselves; patience is a virtue, especially when the market feels like a rollercoaster without a seatbelt! 🎢

Social Media Engagement: A Desert of Despair as Bearish Trends Prevail

Once upon a time in November, daily active addresses soared, only to plummet back to the levels of January, as if they were on a tragic quest for meaning. A brief surge in mid-March was but a fleeting moment of joy, quickly extinguished like a candle in a storm.

The social dominance trend, much like a sad song on repeat, has been on a downward spiral. March, surprisingly, was not the most bearish month for DOGE, despite the heavy price losses. April, however, set new lows in social volume, indicating that unless the price trend changes direction, attention and capital will continue to trickle out of the market like water through a sieve.

On the 12th of March, a flicker of hope emerged as social dominance surged, following a 20% price bounce from local lows in a single day. This moment highlighted the fragile nature of bullishness in the Dogecoin market, akin to a house of cards in a windstorm.

Alas, the funding rate has crept into negative territory after a week of valiant but futile efforts from the bulls. This situation has created a veritable playground for sellers. Yet, it is worth noting that the price has a curious tendency to bounce higher in the short term whenever the funding rate leans negative. A paradox worthy of a Dostoevsky novel! 📉

The 1-day Dogecoin chart reveals a relentless selling pressure since December, with the OBV steadily declining like a sad tale of woe. The RSI has languished below the neutral 50 since mid-January, a clear indicator of the bearish trend in progress.

Now, the $0.131 and $0.102 support levels from October 2024 stand as the next price targets. The former has been tested in recent hours, potentially yielding a bounce to $0.154-$0.164. However, despite the glimmer of a 15% bounce, the trend remains firmly bearish in the near term. Such is the tragic comedy of the crypto world! 🎭

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2025-04-08 08:09