Dogecoin (DOGE) plunged 10% on Monday, September 22, as the broader crypto market’s total value dropped below $4 trillion once again.
Trading $0.2406 at press time, DOGE is on the verge of breaking below its rising wedge formation, a move that could cast doubt on its future trajectory.
Amidst the crash, in the last 24 hours the meme coin has experienced $5.32 billion in trading volume, a notable increase of 221.35%. The digital asset is the hardest hit among the top ten cryptocurrencies by market cap suffering the steepest fall over the same time frame.
Still, technical signals suggest the downside risk remains high. Namely, DOGE is below the key $0.225 Fibonacci support (23.6% retracement), and it has slipped under its 7-day small moving average (SMA) at $0.270.
Momentum indicators confirm the negative outlook, as the moving average/convergence divergence (MACD) histogram flattened to +0.000032, signaling fading bullish momentum.
Finally, the recently launched REX-Osprey Dogecoin ETF, which broke all records on its launch hitting six times the volume of an average fund launch, was also down nearly 6%, as bullish fervour dissipated.
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