As a seasoned crypto investor, I’ve seen my fair share of market volatility, and the recent drop in Dogecoin (DOGE) price is no exception. Late Monday night into Tuesday, DOGE experienced an 11% decline, reaching a low of $0.113, its lowest point since February. Despite the general market downturn, DOGE’s support proved to be relatively strong, as it managed to recover and trade around $0.1218 at press time.
As a dogecoin price analyst, I’ve observed a significant 11% decline in the cryptocurrency’s value between late Monday and early Tuesday. The price plunged as low as $0.113, marking its lowest point since February. However, the price bounced back slightly and is currently trading around $0.1218 at this moment.
DOGE Price Analysis: Decision Time for Bulls
As an analyst, I’ve observed that the DOGE price was previously moving within a large descending triangle pattern. The base of this triangle acts as a solid foundation for DOGE, but the prevailing bearish market conditions driven by Bitcoin could potentially make it ineffective. This support level has been tested on three prior occasions, and investors are crossing their fingers that it will remain strong this time around. It’s important to note that descending triangles typically don’t bode well for bulls. However, if this triangle breaks upwards, the price movement could be quite explosive.
The current price of Dogecoin (DOGE) is sitting below its 50-day and 200-day simple moving averages, indicating a bearish trend for the asset. If DOGE experiences a rebound at this level, it could potentially break free from its existing market framework and reach $0.237. However, as it rises, it may encounter resistance at $0.182 and $0.206. Conversely, if the price of DOGE takes a downturn, it might discover support at $0.096 and $0.072.
The Relative Strength Index (RSI) has dropped to 29, signaling that it’s in the oversold territory. Oversold and overbought zones represent significant price momentum. Consequently, Dogecoin (DOGE) could experience some non-bullish price fluctuations in the upcoming days. However, with an RSI (14) reading of 29, DOGE has reportedly hit rock bottom, and the accumulation phase might start from now onward.
Doge Price Drops in General Market Downturn
As a crypto investor, I’ve witnessed firsthand how the sudden slide below a crucial support level by Bitcoin triggered a market-wide crash, including DOGE‘s price. The entire crypto industry felt the impact, resulting in a 3% decrease in total market capitalization within the last 24 hours, according to CoinGecko.
With these current figures, the Bitcoin Fear & Greed Index persists at a level of 74, indicating “Greed.” However, some crypto enthusiasts are expressing doubts about the index’s impartiality following this reading.
Bottom Line
Bitcoin’s influence on markets is significant, with its market dominance growing from 51.5% to 52.1% over the past week. Dogecoin investors closely monitor Bitcoin’s price movements since these fluctuations can determine gains or losses for them.
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2024-06-18 12:04