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Home»ALTCOIN NEWS»Dogecoin is down 19% from its YTD peak as market sentiment worsens.
ALTCOIN NEWS

Dogecoin is down 19% from its YTD peak as market sentiment worsens.

By Crypto FlexsJanuary 11, 20252 Mins Read
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Dogecoin is down 19% from its YTD peak as market sentiment worsens.
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Cryptocurrency markets stumbled in January 2025 with major tokens recording steep losses. Dogecoin (DOGE) took a huge hit, with its sharp decline wiping out its gains.

The world’s most popular memecoin recovered slightly today, but technical indicators point to a bearish outlook in the near term.

Loss of market capitalization and decline in sentiment

After a sharp rally, DOGE price is down 19% since its year-to-date high of $0.396. Dogecoin surged from $0.314 to under $0.40 by January 7, but reversed course on Thursday and fell back to $0.314, wiping out gains from the start of the year. Analysts attribute the 28% decline in market value to changes in investor sentiment and broader cryptocurrency market trends.

“Public sentiment has reached its lowest point over the past year,” said Santiment, a leading blockchain analytics firm.

The company stated that public sentiment towards Dogecoin is currently low at 1 out of 5, indicating a lack of optimism among retail investors.

Public sentiment hit its lowest point last year. Source: Santiment

“This means there is actually a good upside to being a bold opponent to DOGE (in particular) once the cryptocurrency market starts to trend upward again,” Santiment added.

Large investors are increasing interest in Dogecoin despite the recent downturn, with a notable increase in transactions exceeding $100,000, suggesting a potential near-term price bounce.

technical indicators weak

The $0.333 support area shows strong technical significance as this level is consistent with historical support areas and has previously served as a key demand area during market corrections.

However, technical indicators such as MACD are approaching bearish crossings on the daily time frame, while RSI remains slightly below 45.

DOGE technical indicator. Source: TradingView

The asset is trading below its 100-day simple moving average (SMA) on January 9th. This is a bearish signal that suggests further declines are possible.

Dogecoin’s funding rates remain largely negative across major cryptocurrency exchanges, meaning that there are currently more short sellers than buyers in the market.

On the flip side:

  • Looking longer-term, some traders and analysts are hoping that Dogecoin (DOGE) can finally reach the long-anticipated $1 mark in 2025.

Check out the latest cryptocurrency news on DailyCoin:

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