Dogecoin (DOGE) Unmoved By Elon Musk’s Victory

Dogecoin (DOGE) has remained largely unaffected after US District Decide Alvin Hellerstein dismissed a lawsuit in opposition to Elon Musk and Tesla, which alleged that they manipulated the coin’s worth.

As of press time, DOGE is buying and selling at $0.10, exhibiting a 0.18% worth decline and a 24% drop in buying and selling quantity over the previous 24 hours.

Dogecoin Seeks to Lengthen Decline

DOGE’s muted response to Judge Hellerstein’s ruling may be attributed to the bearish strain presently weighing on the altcoin. Its technical setup on a 12-hour chart signifies that bears are dominating the market, pushing to increase its month-long decline.

For example, DOGE’s Directional Motion Index (DMI) exhibits the constructive directional indicator (+DI) in blue mendacity beneath the unfavorable directional indicator (-DI) in purple, signaling continued bearish management.

An asset’s Directional Motion Index (DMI) measures the energy and path of a pattern. When the +DI falls beneath the -DI, it alerts a powerful downtrend, indicating bearish market circumstances the place promoting strain dominates and a continued worth decline is probably going.

Moreover, DOGE’s Chaikin Cash Stream (CMF) not too long ago crossed beneath its zero line, signaling weakening shopping for strain. At the moment, the indicator stands at -0.05.

Learn Extra: Dogecoin (DOGE) Price Prediction 2024/2025/2030

The CMF measures the stream of cash into and out of an asset’s market. A CMF worth beneath zero suggests market weak spot and liquidity outflow, which merchants typically interpret as a precursor to a sustained worth decline throughout a downtrend.

DOGE Worth Prediction: Coin Dangers Falling to August 5 Low

DOGE’s derivatives market has additionally seen a decline in buying and selling quantity over the previous 24 hours, dropping by 24% to $650 million.

Regardless of DOGE’s technical indicators suggesting an prolonged downtrend, futures merchants proceed to open lengthy positions, as proven by its constructive funding charge throughout cryptocurrency exchanges. At the moment, DOGE’s funding charge stands at 0.008%.

A constructive funding charge signifies that there’s extra demand for lengthy positions, which means extra merchants are betting on a worth rally than on a decline.

Nevertheless, if promoting strain will increase and DOGE continues its downward trajectory, its worth may drop towards its August 5 low of $0.08, risking the liquidation of a number of lengthy positions.

Learn extra: Dogecoin (DOGE) vs Shiba Inu (SHIB): What’s the Difference?

Conversely, a bullish shift in market sentiment may result in a ten% worth surge, pushing DOGE to $0.11.