Summary
TLDR: Dogecoin is due for further correction as bullish cues are lacking. Investors’ participation is down, with active addresses at a six-month low. The Relative Strength Index is also indicating bearish conditions. If resistance at $0.151 is not breached, Dogecoin could see another 13% decline to $0.127. However, if $0.151 becomes a support level, the meme coin may bounce back to breach $0.160 for recovery.
Key Points
1. Dogecoin (DOGE) is still due for further correction despite noting almost 32%.
2. Dogecoin holders are pulling back, leading to a decline in network participation and confidence.
3. The Relative Strength Index (RSI) for Dogecoin is below the neutral line, indicating a bearish trend and potential further corrections.