Dogecoin mining revenue has dropped significantly over the last 12 months

Dogecoin continues to fall after failing to maintain support at the R1,27mark. The bad news is that the Dogecoin price could yet fall lower because the bears appear to have gotten around the triangle structure that had latched furiously around it the previous month.

With the structure disrupted, the bears might inject more cash to profit from the DOGE drop. The bearish candle is now dropping head-first, giving many traders confidence to go all-in on the bearish stance.

DOGE is now trading at R1.19. And a respite is likely before the bull run begins at R1,14. The gloomy outlook will last till the liquidity at R1,08 is exhausted.
The DOGE price was unable to break through the Relative Strength Index 40 level, which is another strong indicator of a bearish control.

Dogecoin Mining Revenue Is Declining

Despite being down 89.50% from its all-time high, DOGE appears to have risen 12.78% from the cycle low it has been clinging to at R1,11.

Despite the little uptick, DOGE mining revenue is still down 76.2 % in the last year, making the famous meme coin one of the least profitable mining options available, according to CryptoRank, a crypto market data aggregation and analytics tool.

A decline in mining profitability of more than 70% is nothing to write home about for traders. So, does this imply that the trend will be exhausted soon?

DOGE’s price has declined by 3.48 % in the last week and was trading at around R1,22. Furthermore, since the meme token sank dramatically on May 11, DOGE has been trading in a narrow range. Could this be an indication of a promotion?

The indicators indicate a downward trend. As of this writing, the RSI has settled below the neutral mark and appears to be heading south. There is no evidence of trend exhaustion.
Meanwhile, DOGE’s volatility in the last 30 days has been merely 88.28 %. All of this suggests that there will be no trend weariness in the following weeks.

Before placing long bets, investors should pay closer attention to volume. Following April 26, there was a free slide, indicating poor buying and selling activity. For the past few weeks, investor interest has decreased dramatically.

The social dominance measure is now hovering at 4.88 % at press time, indicating that social media power is at work and that people are still talking about Dogecoin despite the crypto winter chill.

Dogecoin mining revenue has dropped significantly over the last 12 months

Nonhlanhla P Dube

Nonhlanhla P Dube is a senior news reporter at Rateweb. Nonhlanhla is a student of International Relations at the University of South Africa. She reports primarily on personal finance and economics. You can contact her directly by email at [email protected]

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