Key takeaways

• DOGE has misplaced its place because the Eighth-largest crypto by market cap after Tron’s TRX overtook it.
• The coin might drop to the $0.15 stage because the broader sentiment stays bearish.

TRX flips Dogecoin

Tron’s TRX has been the perfect performer among the many high 10 cryptocurrencies by market cap this week. After a wonderful begin to the week, TRX has now flipped Dogecoin to turn into the Eighth-largest cryptocurrency by market cap.

At press time, Dogecoin’s market cap stands at $25.5 billion, whereas TRX has climbed to $26 billion. With Dogecoin buying and selling round $0.17 per coin, it might face additional promoting strain within the quick time period earlier than any substantial rally.

The promoting strain comes amid the bearish circumstances within the broader monetary markets attributable to the continuing battle within the Center East. Dogecoin, Shiba Inu, and different main memecoins have been underperforming as buyers are pushing funds into risk-averse belongings.

Regardless of the present bearish circumstances, analysts stay optimistic about Dogecoin’s medium to long-term potential. DOGE continues to be 76% down from the all-time excessive price of $0.7376, signalling room for development over the approaching weeks and months.

DOGE might check the $0.50 psychological stage earlier than a rally

At press time, the price of Dogecoin stands at $0.1716, up 1% within the final 24 hours. Whereas analysts count on a rally within the medium to long run, DOGE might underperform within the quick time period.

The DOGE 4H chart reveals that the cryptocurrency is at present bearish. The RSI of 48, down from 66 earlier this month, reveals that DOGE is at present dealing with promoting strain. If that continues, the RSI might enter the oversold area.

The MACD has additionally slipped into the damaging zone, indicating that the consumers have relinquished management. The damaging efficiency might see DOGE check the assist stage at $0.163 earlier than breaking down to the $0.15 psychological stage.

Nonetheless, if the bulls regain management of the market, DOGE might check the exterior liquidity stage round $0.20 within the coming days or perhaps weeks.