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Dogecoin (CRYPTO: DOGE) traded 3.62% lower at $ 0.27 in the early hours of this Tuesday.
The Shiba Inu-themed coin is down 14.53% over the course of seven days.
ADA traded 0.8 and 4.45% lower against Bitcoin (CRYPTO: BTC) and Ethereum (CRYPTO: ETH) respectively.
Since the beginning of the year, DOGE has shot up 4,709.35%.
Why is it moving?
With the exception of ETH, most major cryptocurrencies, including DOGE, lost ground on Tuesday morning as the global market capitalization of cryptocurrencies rose a slight 0.15% to $ 2.06 trillion.
Read also: Is it a good time to buy Cardano (ADA)?
DOGE was among the most mentioned currencies on Twitter at the time this article was published, according to data from Cointrendz.
Despite the fact that DOGE has been in the red recently, the charts fan hopes that the cryptocurrency meme will resurface.
CoinGape analysis indicates that DOGE’s price is down nearly 20% since hitting a monthly high of 35 cents, but its price movement over the past two weeks has generated a bullish descending wedge on the daily candlestick chart.
CoinGape stated in a report that “falling wedges are usually bullish 80% of the time, as an upside breakout is needed to trigger the pattern.”
If DOGE were to break above the resistance level of $ 0.306, it could supposedly hit the middle of $ 0.30.
The popular technical analyst who goes by the pseudonym Kaleo has explained that he has bought more DOGE because it reached a critical level of 0.00000602 against BTC.