Dogecoin continues to slide as it failed to hold the support at the $0.08 level. The bad news is that Dogecoin price may still fall further as the bears appear to have missed the triangle structure that has fiercely hooked around it the past month.
With the structure broken, the bears could inject more capital to gain more from the DOGE drop. The bearish candlestick is now falling on its head, increasing the confidence of many traders to go all-in with the bearish stance.
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The DOGE price currently stands at $0.075. And a pause is expected before a rally to $0.072. However, the bearish outlook will remain until the liquidity at $0.068 is cleared.
Another strong indicator of bearish control is that the DOGE price was unable to break above the 40 level of the relative strength index.
Dogecoin mining revenue falls
Even though DOGE is down 89.50% from its all-time high, it appears to be up 12.78% from the cycle low of $0.07.
Regardless of the small improvement, DOGE mining revenue is still down 76.2% in the last year, making the popular meme coin one of the least profitable mining options, according to the analytics platform. and CryptoRank crypto market data aggregation.
Dogecoin is at the top of the list of the five least profitable mining alternatives. Source: CryptoRank.
A drop of more than 70% in mining profitability is not impressive at all for traders, not one bit. So this track trend exhaustion anytime?
DOGE price dropped significantly by 3.48% last week and was also changing hands at around $0.077. Also, after the meme token dropped sharply on May 11, DOGE has since it has been in a tight trading range. Could this possibly indicate a move to the upside?
Indicators point to a downtrend. RSI has held below the neutral point or even appears to be heading south as of this writing.
DOGE total market cap at $8.10 billion on the weekend chart | Source: TradingView.com
No signs of trend exhaustion
Meanwhile, the volatility of DOGE is only 88.28% in the last 30 days. All this indicates that there is no exhaustion of the trend at least in the coming weeks.
Investors should take a closer look at volume before placing long bets. There has been a free fall after April 26, indicating low buying and selling activity. Investor interest has waned sharply for a couple of weeks.
The social dominance metric is currently hovering around 4.88% at press time, indicating that the power of social media is at stake and that people are continually talking about Dogecoin despite the chills of crypto winter.
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Featured image from Zipso.net, chart from TradingView.com