The demand for Dogecoin [DOGE] has declined in the last week, on-chain data has shown. This decline in DOGE’s network activity has...
This decline in DOGE’s network activity has caused its price to oscillate within a tight range, forming a horizontal channel.
While DOGE’s price fell by 1% during the period under review, the values of other leading meme assets climbed.data, the daily count of addresses that completed transactions involving DOGE has cratered by 18% in the past seven days. Likewise, new demand for the meme coin has declined. According to the same data provider, the number of new addresses created to trade DOGE during the period under review has fallen by 21%.A decline in an asset’s daily active addresses and addresses hints at a decrease in the overall trading volume associated with the asset.The decline in the coin’s trading volume in the last week is partly attributable to the negative sentiment that has trailed DOGE for most of the moment.
When an asset’s price trends within a range, there is a balance between buying and selling pressures, with neither the bulls nor the bears able to trigger a trend in their direction. The values of DOGE’s key momentum indicators confirmed this. Its Relative Strength Index was 53.52 at press time, while its Money Flow Index was 55.72.Abiodun is a full-time journalist working with AMBCrypto. He is also a lawyer with over 2 years of experience. With a keen interest in blockchain technology and its limitless possibilities, Abiodun spends his time understanding the technology, building projects, and educating people about it.Subscribe to get it daily in your inbox.
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