The DOGE price is down for the second straight day as demand for the coin wanes. The Dogecoin price has dropped to $0.1790, which is about 76% from its highest level this year. It has a market capitalization of more than $23 billion and is still in the top ten of the biggest cryptocurrencies in the world.
Dogecoin news. A few months ago, Elon Musk was the biggest catalyst for the DOGE price. His tweets used to push it up by as much as 30% within a single trading session. These days, however, his impact in the coin’s price has waned.
A case in point is what happened on Sunday when replied to a meme. In it, he said that his son, Lil X was holding Dogecoin like a champ and never said the word sell. While Dogecoin price rose after the tweet, the gains quickly faded as traders took profit. In the past, such a tweet would have led to double-digit gains because of his influence in industry and the fact that he is the second richest man on earth.
Still, the DOGE price is consolidated in line with what other cryptocurrencies are doing. For example, Bitcoin is within a range of $31,000 and $32,000 while Ethereum is oscillating between $1,800 and $2,200. So, what is the forecast for Dogecoin in July?
The daily chart shows that the Dogecoin price has formed a nice descending pattern that is shown in blue. The coin has formed a descending channel that connects the highest and lowest levels from May. The price is also holding steady along the upper side of this channel. Further, it has moved below the 200-day and 50-day EMAs while the Relative Strength Index (RSI) has formed a bearish trend.
Therefore, there is a possibility that the price will resume the downward trend as bears target the lower side of the channel at $0.1200, which is about 30% below the current level. On the flip side, a move above the upper side of the channel will invalidate this forecast.
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