- The price of Dogecoin has made several unsuccessful attempts to break out of the downtrend that began in May 2021.
- Binance has clarified that Dogecoin tokens locked by users in the staking program remain on the exchange.
- Analysts say traders are taking control of Dogecoin as the meme struggles to cross its multi-year trend line.
The price of Dogecoin is struggling to break out of the downtrend and start a recovery. Several influencers in the Dogecoin community have recently criticized the Binance staking program and the exchange has offered an explanation.
Read also: Do not put Dogecoin on Binance: developers warn DOGE holders
The price of Dogecoin is in a downtrend that started in May 2021.
The largest meme coin in the crypto ecosystem is struggling to break out of the downtrend that began in May 2021. Dogecoin’s dominance is threatened by the crypto asset’s failed attempts to reverse the downtrend, but to no avail.
Last week, Dogecoin began its recovery, traders took control of the meme coin. Analysts had expected DOGE to overcome its long-term resistance, but the bullish momentum was short-lived.
Although the price of Dogecoin is almost 6% higher than a week ago, the coin meme continues to disappoint holders.
Binance Provides Clarification on Dogecoin Staking
Binance’s new blocked program for crypto assets, including Dogecoin, has been heavily criticized on crypto Twitter. Binance took notice of user concerns and shed light on the staking program.
A Binance representative explained that
There is no staking of LTC and DOGE to validate the network as they are not proof-of-stake tokens. User funds remain on Binance and we have very strict risk management controls in place to keep them safe.
Analysts note that Dogecoin is struggling to break out of a multi-year downtrend.
Analysts at Netcost-Security assessed the price dynamics of Dogecoin and noted that the meme-coin is close to breaking its long-term trend line. Dogecoin has recouped its losses over the past week, and now the asset is ready to exit the downtrend. To learn about price targets and get more information about the trend line, watch the video below: