Dogecoin is facing significant decline: Can it recover?

The largest Memecoin, Dogecoin ( DOGE ), is currently experiencing a significant decline in network activity since November 2024. The number of active addresses has dropped sharply from 2.66 million to only 130.28 million. Although the price has increased by 2.42% to $0.2101 in the past 24 hours, the long-term trend raises concerns about Dogecoin's recovery potential. What does the price movement of Dogecoin show? The price of Dogecoin has dropped in a symmetrical triangle pattern after reaching a peak of $0.41796. The current price is $0.2101, with major support levels identified at $0.17594. Significant resistance levels are set at $0.27155 and $0.31413. If Dogecoin cannot maintain the price above $0.2100, further decline can be predicted.

In addition, the (RSI) relative strength index indicates a downward trend, showing that selling pressure is taking place. The current RSI outlook poses a challenge for the potential recovery of Dogecoin in the future. Can Dogecoin's price recover? Furthermore, the Market Value to Realized Value (MVRV) ratio of Dogecoin has decreased to 40.63%. Although this ratio is not yet negative, its decrease indicates a decreasing potential for Dogecoin investors to profit and selling pressure may increase. The decrease in trading volume on the Dogecoin network shows that user interest is waning. In the current market conditions, there needs to be a significant catalyst for the memecoin to regain its previous popularity. Without such a change, the prospects for Dogecoin's recovery seem bleak.