Dogecoin’s ‘incy wincy spider’ approach on the price chart is well-known to the community. Even though DOGE is 89.50% down from its all-time high (ATH), the token is 12.78% up from its cycle low of $0.07. Clearly, undeterred by the moist setback.

However, a recently published report by the crypto market data aggregation and analytics platform CryptoRank may not impress long-term investors. As per the report, Dogecoin’s mining revenue has massively dropped in the last year. One-year miner revenue change for DOGE stood at -76.2%. This puts the meme token into the first spot among the top five most unprofitable mining options.

Source: CryptoRank

A more than 70% drop in Dogecoin’s mining profitability is certainly not making miners carefree. On that note, you may ask if investors are happy with their DOGE investment. Well, the factor of ‘trend exhaustion’ can answer the question.

At the time of this analysis, DOGE was changing wallets at $0.077, down by about 3.48% over the last seven days. Importantly, after a sharp drop on 11 May, the token has been majorly trading in a tight range. On zooming out, it shows that DOGE was forming a plateau after 3 December 2021 unless it broke down the $0.081 mark on 9 May 2022. In fact, after 11 May, the volume has been diminishing. Unless enough demand kicks in, we can’t expect the token to test its $0.0775 ceiling, let alone $0.2020.

Leading indicators look pretty upfront with their bearish price indication. RSI, after 4 May has been below the neutral mark. In fact, it looked southbound at press time. The volume oscillator too has been painting a grim picture. At the time of this writing, it stood at -23.44% with no signs of recovery. On the other hand, the width of the Bollinger Bands (BB)