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Dogecoin

Dogecoin Sentiment Drops Into Negative Once Again, Is It Time To Buy Or Sell?

Scott Matherson
by Scott Matherson
9 months ago
·
Posted in Altcoin News, Dogecoin
Trusted Editorial content, reviewed by leading industry experts and seasoned editors. Ad Disclosure

According to new reports, Dogecoin’s market sentiment has plummeted significantly, turning negative once again as its price consolidates. This bearish trend raises the question of whether it is time for investors to buy or sell off their DOGE tokens to avoid future losses.

Dogecoin Market Sentiment Dwindles

On Tuesday, crypto analyst Ali Martinez announced on X (formerly Twitter) that Dogecoin’s market sentiment has turned negative, signaling a shift in investor confidence in the meme coin.

Related Reading: Dogecoin Price Could Be In Serious Trouble If The $0.394 Support Fails To Hold

Martinez shared a price chart highlighting two key metrics suggesting that DOGE’s market sentiment is drastically reducing. The first metric, indicated by the blue bars as social volume, represents the number of social media mentions around Dogecoin. 

Dogecoin price 1
Source: X

As a meme coin, social sentiment plays a crucial role in DOGE’s price trajectory. Increases in social volume typically suggest increased interest or hype in a cryptocurrency, which ultimately fuels demand and increased adoption.

The second metric, shown by the red bars on the chart, reflects Dogecoin’s weighted sentiment. This metric tracks the overall positive and negative sentiment surrounding DOGE on social media. When the weighted sentiment falls below the zero line into the negative territory, it signals that investors and traders are adopting a pessimistic outlook on the cryptocurrency. 

In the chart, the weighted sentiment for DOGE has turned negative multiple times, especially during periods of consolidation. Consequently, Martinez has revealed that the recent shift in Dogecoin’s market sentiment is attributed to its ongoing price consolidation.

The analyst has surmised that investors and traders are growing increasingly impatient with DOGE’s prolonged consolidation. The price has remained stagnant despite its rise to $0.4. With the sentiment turning bearish, the Dogecoin price could face additional challenges, leaving investors uncertain whether to buy or sell off their holdings to mitigate potential losses. 

Moving on, Martinez has observed that the red sentiment line on the DOGE chart has dipped below 0.597, reflecting negative market sentiment. This bearish indicator, combined with Dogecoin’s slow price growth, suggests that interest and optimism surrounding the meme coin have declined for now. 

Analyst Says The Longer The Consolidation, The Bigger The Rally

Many in the crypto market have expressed concerns over the recent change in market sentiment due to DOGE’s extensive price consolidation. However, crypto analyst Cephii proposed that this consolidation could catalyze a significant Dogecoin price rally.

Related Reading: Crypto Analyst Predicts XRP Price Will Be $5 By January, Reveals When Price Will Cross $10

According to the analyst, “The longer we consolidate here, the bigger the rip.” This suggests that Dogecoin could experience an explosive price rally once its consolidation ends. Based on his price chart, the analyst has predicted a potential rise toward $0.8 once DOGE can break past key resistance areas. 

Dogecoin price 2
Source: X

Additionally, Cephii has pointed out that Dogecoin’s social metrics remain strong. This is likely due to the continued bullish sentiment within the Dogecoin community, even amid the negative shifts in market sentiment. 

Dogecoin price chart from Tradingview.com
DOGE price recovers toward $0.4 | Source: DOGEUSDT on Tradingview.com
Featured image created with Dall.E, chart from Tradingview.com
Editorial Process for bitcoinist is centered on delivering thoroughly researched, accurate, and unbiased content. We uphold strict sourcing standards, and each page undergoes diligent review by our team of top technology experts and seasoned editors. This process ensures the integrity, relevance, and value of our content for our readers.
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Scott Matherson

Scott Matherson

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Scott Matherson is a leading crypto writer at Bitcoinist, who possesses a sharp analytical mind and a deep understanding of the digital currency landscape. Scott has earned a reputation for delivering thought-provoking and well-researched articles that resonate with both newcomers and seasoned crypto enthusiasts. Outside of his writing, Scott is passionate about promoting crypto literacy and often works to educate the public on the potential of blockchain.

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