Dogecoin (DOGE) is at a crucial juncture as it hovers near the important support level of $0.18. Traders are on high alert, as the cryptocurrency faces mounting selling pressure that could lead to further declines if this level is breached. The analysis suggests that the situation is causing growing concern.
DOGE Price Decline Overview
In the last 24 hours, DOGE has experienced a 3% drop, contributing to a more significant 23% decline over the past week. This downward trend has raised concerns among investors, who are now closely watching the $0.18 support zone.
Potential Consequences of Breaking Support
A failure to hold this level could trigger a sell-off, potentially pushing DOGE back to its October low of around $0.09. Analysts suggest that maintaining the support at $0.18 is critical for bulls to prevent a substantial downturn in the price of Dogecoin.
As Dogecoin faces critical support challenges, Ethereum's On-Balance Volume has recently dipped below a key support line, indicating potential renewed selling pressure. For more details, see the full article here.
