Dogecoin has continued its downward trajectory, slipping below the crucial $0.20 mark. The cryptocurrency market remains volatile as selling pressure intensifies.
Trading at $0.1863, reflecting a 10.68% decline over the past 24 hours. The market capitalization has fallen to $27.62 billion, marking a 10.67% drop, while 24-hour trading volume has increased by 12.17%. The latest price movement shows DOGE briefly touching $0.2086 before declining steadily.
Market participants are closely monitoring Dogecoin’s performance amid shifting regulatory developments. The U.S. Securities and Exchange Commission (SEC) recently clarified the classification of meme coins. This regulatory stance has sparked discussions regarding their status as collectibles rather than securities.
Analysts expect $0.144 or $0.235 move
Market analysts are divided on Dogecoin’s future price movement. Some predict a decline toward $0.144 if bearish momentum continues. Others anticipate a breakout toward $0.235 based on historical price cycles. According to Trader Tardigrade, DOGE has exhibited a cup-and-handle pattern, historically linked to bullish breakouts. The presence of previous peaks and breakout points suggests that DOGE could follow a similar trend.
The 30-day Market Value to Realized Value (MVRV) ratio has dropped into negative territory, reflecting a 20% unrealized loss among DOGE holders. A sharp decline in the MVRV ratio often shows a potential buying opportunity before a price recovery. However, if losses deepen, market sentiment may weaken further, leading to additional declines
Dogecoin remains in a critical phase, with traders watching for signs of a trend reversal. The next few trading sessions will determine whether DOGE stabilizes or extends its losses.
Break above $0.2300 could signal a bullish reversal
Technical indicators reveal that Dogecoin has entered oversold territory. The Relative Strength Index (RSI) currently stands at 24.04, while the Stochastic Momentum Index (SMI) records -71.28 and -73.93. These figures indicate a potential rebound if buyers regain control. However, continued selling pressure could push DOGE lower before stabilizing.
The immediate support level is $0.1800, a critical threshold traders watch closely. If the decline persists, DOGE may find further support between $0.1600 and $0.1650. On the upside, a recovery would require the price to break above the $0.2200 to $0.2300 resistance range. If momentum shifts in favor of buyers, DOGE could approach the $0.2500 mark, signaling a potential reversal.
