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Dogecoin keeps losing ground and is unable to establish a strong level of support. Once the cryptocurrency market's darling, the meme coin is currently perilously close to a critical price zone that could cause it to drop even further. A substantial decline in DOGE's market value would result from the company's price potentially adding another zero if current bearish sentiment continues.
According to the price chart, Dogecoin has not been able to overcome significant resistance levels, with the $0.18 mark standing as a significant obstacle. With regular lower highs forming, the price action has stayed weak, suggesting that there is not any bullish momentum. The technical indicator known as the ongoing death cross - which occurs when the short-term moving average crosses below the long-term moving average - indicates that downward pressure is still very present.
The case for any quick recovery is further undermined by the low trading volume that persists. Further declines are much more likely if DOGE is unable to hold above the next critical support level, which is around $0.16. If the asset falls below this range, it may enter hazardous territory and possibly lose another decimal place, dropping below the $0.10 threshold. A break above resistance levels around $0.22 is necessary for DOGE to buck this trend and prevent a more severe decline.
Arman ShirinyanA recovery might result from this indication of renewed buying interest. But unless a powerful catalyst appears, like a sharp rise in whale activity or a general market recovery, a protracted downtrend is still the most likely scenario given current bearish indicators. Dogecoin's price might drop to between $0.09 and $0.10 if it does break through its current support, thereby adding another zero to its value.
Tomiwabold OlajideThis kind of action would indicate a possible decline in investor confidence as well as more serious market weakness. On the other hand, DOGE might stabilize and even make a resurgence if bulls are able to retake important resistance levels. Given that price action suggests a higher risk of additional losses, Dogecoin is in a precarious position.
The outcome of the upcoming trading sessions will determine whether the meme coin can maintain its position or if it is on the verge of another excruciating decline. Before making strategic choices, investors should keep a careful eye out for any indications of a reversal.
Vladislav Sopov
Dan Burgin