Is Dogecoin On Life Support? Analyzing Its Recent Price Downturn

Christian Encila

Last Updated: October 4, 2023 9:56 am

3 mins read

Reason to trust

Strict editorial policy that focuses on accuracy, relevance, and impartiality

Created by industry experts and meticulously reviewed

The highest standards in reporting and publishing

How Our News is Made

Strict editorial policy that focuses on accuracy, relevance, and impartiality

Ad discliamer

Morbi pretium leo et nisl aliquam mollis. Quisque arcu lorem, ultricies quis pellentesque nec, ullamcorper eu odio.

Dogecoin (DOGE), the notoriously popular meme-inspired cryptocurrency, is facing a turbulent period that has left investors and enthusiasts pondering its fate. The central query echoing through the crypto community is a haunting one: Is Dogecoin destined for obscurity?

The decline in Dogecoin’s value can be attributed to a confluence of factors, with the broader cryptocurrency market’s downturn chief among them. This overall slump has eroded confidence in the crypto sphere, and Dogecoin hasn’t been spared from the pessimism.

Over the past year, Dogecoin’s trajectory has been predominantly bearish, marked by occasional minor price surges that were unfortunately insufficient to counter the prevailing bearish sentiment.

Market Downturn And Dogecoin’s Bearish Stint

In a sobering turn of events, October witnessed Dogecoin’s price chart painting a bearish engulfing candlestick. This ominous pattern effectively wiped out gains from the previous period, signaling a somber outlook. Currently, DOGE is teetering slightly above the $0.060 horizontal threshold, reflecting the bearish undertones that have gripped the coin’s fortunes.

The CoinGecko listing reports DOGE trading at $0.061033, marking a 1.6% decrease over the last 24 hours, and a modest 0.8% gain over the past seven days.

DOGE market cap currently at $8.6 billion. Chart: TradingView.com

One indicator that underscores Dogecoin’s troubled waters is the Relative Strength Index (RSI). The RSI is a metric used to gauge the momentum of a cryptocurrency’s price movements. In this context, readings above 50 and an upward trend suggest that bulls hold the upper hand, while readings below 50 indicate the opposite—bearish sentiments are in play.

Unfortunately for Dogecoin enthusiasts, DOGE’s RSI recently faced rejection at the 50 mark and is on a downward trajectory, a telltale sign of a bearish trend in Dogecoin’s price.

It’s worth noting, however, that amidst the gloom, an ascending support trendline in the RSI remains intact. This could hint at a glimmer of hope for Dogecoin, though the road ahead remains uncertain.

DOGE price action in the last month. Source: Coingecko

Global Market Worries

Dogecoin’s struggles are not isolated; major cryptocurrencies across the board are grappling with similar challenges. A key concern that has gripped the market is the specter of higher interest rates potentially stalling the housing sector and pushing the global economy toward a recession. This has had a notable impact on the crypto landscape, resulting in a 3% decrease in the global cryptocurrency market capitalization, which currently stands at $1.07 trillion.

Dogecoin’s recent slump has left many questioning its viability and future prospects. While the crypto market as a whole navigates choppy waters, Dogecoin finds itself caught in the undertow of uncertainty. Whether it can rise above these challenges and regain its former glory remains a question that only time will answer.

(This site’s content should not be construed as investment advice. Investing involves risk. When you invest, your capital is subject to risk).

Featured image from

Christian Encila

They say journalists never truly clock out. But for Christian, that's not just a metaphor, it's a lifestyle. By day, he navigates the ever-shifting tides of the cryptocurrency market, wielding words like a seasoned editor and crafting articles that decipher the jargon for the masses. When the PC goes on hibernate mode, however, his pursuits take a more mechanical (and sometimes philosophical) turn.

Christian's journey with the written word began long before the age of Bitcoin. In the hallowed halls of academia, he honed his craft as a feature writer for his college paper. This early love for storytelling paved the way for a successful stint as an editor at a data engineering firm, where his first-month essay win funded a months-long supply of doggie and kitty treats – a testament to his dedication to his furry companions (more on that later).

Christian then roamed the world of journalism, working at newspapers in Canada and even South Korea. He finally settled down at a local news giant in his hometown in the Philippines for a decade, becoming a total news junkie. But then, something new caught his eye: cryptocurrency. It was like a treasure hunt mixed with storytelling - right up his alley!

So, he landed a killer gig at NewsBTC, where he's one of the go-to guys for all things crypto. He breaks down this confusing stuff into bite-sized pieces, making it easy for anyone to understand (he salutes his management team for teaching him this skill).

Think Christian's all work and no play? Not a chance! When he's not at his computer, you'll find him indulging his passion for motorbikes. A true gearhead, Christian loves tinkering with his bike and savoring the joy of the open road on his 320-cc Yamaha R3. Once a speed demon who hit 120mph (a feat he vowed never to repeat), he now prefers leisurely rides along the coast, enjoying the wind in his thinning hair.

Speaking of chill, Christian's got a crew of furry friends waiting for him at home. Two cats and a dog. He swears cats are way smarter than dogs (sorry, Grizzly), but he adores them all anyway. Apparently, watching his pets just chillin’ helps him analyze and write meticulously formatted articles even better.

Here's the thing about this guy: He works a lot, but he keeps himself fueled by enough coffee to make it through the day - and some seriously delicious (Filipino) food. He says a delectable meal is the secret ingredient to a killer article. And after a long day of crypto crusading, he unwinds with some rum (mixed with milk) while watching slapstick movies.

Looking ahead, Christian sees a bright future with NewsBTC. He says he sees himself privileged to be part of an awesome organization, sharing his expertise and passion with a community he values, and fellow editors - and bosses - he deeply respects.

So, the next time you tread into the world of cryptocurrency, remember the man behind the words – the crypto crusader, the grease monkey, and the feline philosopher, all rolled into one.

Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.