The price of Dogecoin dropped by 5% on Wednesday as part of the ongoing correction in the crypto market following Bitcoin‘s decline to $59,672, representing a loss of 4.5%. This persistent supply pressure is causing major altcoins, including Dogecoin, to continue correcting. The loss of the 50% retracement support for Dogecoin suggests that a more extended downturn may be on the horizon.
Will Dogecoin Price Lose $0.14 Amid Market Correction?
Dogecoin started dropping in value around late March when its price had peaked at $0.288. Over the next three weeks, this cryptocurrency experienced a significant decrease in value, losing approximately 35% of its worth and currently trading at around $0.14.
A shift in market attitude is indicated by the emergence of new lows and lower highs. Previously, investors were eager to buy during dips; now, they are more inclined to sell during rallies. The daily chart’s descending trendline functions as a moving barrier, suggesting an ongoing downtrend. Lately, the falling price has broken through the 50% Fibonacci retracement level—a significant support for buyers aiming to keep their control over the asset.
At the time this article is published, Dogecoin is priced at $0.148. With a market capitalization of $21.4 billion, it continues to rank as the eighth largest cryptocurrency.
If the current trend continues, the DOGE price could drop by approximately 16.4% to reach its lowest point from March 2024, which is $0.124. With Bitcoin’s halving event happening in just under two days, these levels become significant potential turning points.
Based on historical patterns, Bitcoin often needs time after undergoing a halving event to begin a significant price increase. Consequently, altcoins like Dogecoin might need even more time before exhibiting bullish trends. Therefore, it’s reasonable to anticipate a sideways trend for Dogecoin prices in the short term.
Technical Indicator
- Directional Movement Index: A bearish crossover between the DI+(blue) and DI-(orange) indicates the sellers are leading the short-term trend of SHIB price.
Exponential Moving Average: The memecoin price trading above daily EMAs 100 and 200 highlights the broader trend remains bullish.
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2024-04-17 23:53