Dogecoin Mining Revenue Massively Fell In Past 12 Months
June 12 2022 - 3:51AM
NEWSBTC
Dogecoin continues to plunge as it failed to retain support at the
$0.08 level. The bad news is that the Dogecoin price can still fall
further down as the bears appear to have bypassed the triangular
structure that has latched ferociously around it the previous
month. With the structure breached, the bears could pump in more
capital to earn more from the DOGE plunge. The bearish candle is
now falling head-first which boosts the confidence of many traders
to go all-in with the bearish stance. Suggested Reading | Dogecoin
Market Cap Shed $6-B Last Month – Will Bearish Pressure Continue
The Pulldown? DOGE’s price currently sits at $0.075. And a pause is
expected before it goes for a bull run at $0.072. However, the
bearish outlook will remain until the liquidity at $0.068 is driven
out. Another strong indicator of a bearish control is the DOGE
price wasn’t able to get through the Relative Strength Index 40
level. Dogecoin Mining Revenue Down Despite DOGE being down
by 89.50% from its all-time high, it seems to have jumped up by
12.78% from the cycle low it has been lingering on at $0.07.
Regardless of the little improvement, DOGE mining revenue is still
down at 76.2% in the last year, making the popular meme coin one of
the less profitable mining options around, according to crypto
market data aggregation and analytics platform CryptoRank. Dogecoin
is at the top of the list of the five least profitable mining
alternatives. Source: CryptoRank. A drop of more than 70% in mining
profitability is not impressive at all for traders – not one bit.
So, does this hint trend exhaustion anytime soon? DOGE price
significantly dropped by 3.48% in the past week and was also
changing hands at roughly $0.077. In addition, after the meme token
dropped sharply on May 11, DOGE has since been in tight trading
range. Could this possibly indicate a move up? The indicators point
towards a bearish trend. RSI has lounged under the neutral point or
even appears to be southbound as of this writing. DOGE total
market cap at $8.10 billion on the weekend chart | Source:
TradingView.com No Sign Of Trend Exhaustion Meanwhile, the
volatility of DOGE is only at 88.28% in the past 30 days. All of
these indicate that there is no trend exhaustion at least in the
next coming weeks. Investors should look more at the volume before
taking long bets. There has been a free fall following April 26
which indicates a low buying and selling activity. Investor
interest has waned intensely for a couple of weeks. The social
dominance metric hovers currently at 4.88% during press time which
indicates that social media power is at play and that people
continuously talk about Dogecoin despite the shivers of the crypto
winter. Suggested Reading | Bitcoin Slides As CPI Report Hints At
Soaring Inflation – More Bearish Pressure Ahead? Featured image
from Zipso.net, chart from TradingView.com
Dogecoin (COIN:DOGEUSD)
Historical Stock Chart
From Mar 2024 to Apr 2024
Dogecoin (COIN:DOGEUSD)
Historical Stock Chart
From Apr 2023 to Apr 2024