Dogecoin (DOGE) has experienced a dramatic descent continuing a downward trend that began in December.
DOGE however continues to trade within its short-term range, with neither the bulls nor bears taking full control of the long-term trend.
Dogecoin (DOGE) has this week experienced a sharp decline recording a drop of 15% on Thursday. It is clear from the latest price action that the memecoin is losing favor with crypto investors. This has seen the altcoin slip out of the top ten cryptocurrencies by market cap after being replaced by Avalanche (AVAX).
At the time of press, DOGE is trading at $0.083066 following its steep decline signaling the return of a bearish trend set in December. With no major news coming out this week, it seems the price change was purely instigated by the token’s technical setup.
Over the past two years, DOGE has been stuck in a bearish pattern after reaching an all-time high of $0.731578. At current prices, the altcoin has lost nearly 88% of its value. In par
