In recent days, Dogecoin (DOGE) has faced a sharp decline in prices, which has drawn the attention of traders and analysts. This article discusses the main reasons for this drop as well as the future prospects for the cryptocurrency.
Recent Price Changes of Dogecoin
At the beginning of the trading session, DOGE started at $0.240, rallied to $0.248, but then plummeted to $0.223 during heavy trading hours in the US. Subsequently, the price bounced back to $0.226, indicating possible accumulation near the support level. The trading volume during the sell-off reached 918 million, more than twice the 24-hour average.
Technical Analysis of Dogecoin
According to technical analysis, important price levels are as follows:
- **$0.248 (recent high)**: short-term resistance; failure to maintain the rally triggered the sell-off. - **$0.240–$0.241**: key resistance zone; needs to break for a bullish reversal. - **$0.223–$0.225**: strong support tested twice; high volume suggests accumulation. - **$0.215–$0.218**: next support if $0.223 fails.
Dogecoin Price Forecast
After the heavy sell-off and subsequent bounce from the $0.223 area, the near-term outlook is cautiously optimistic. If DOGE holds above $0.223 and can reclaim $0.241, the price could retest the $0.260 range within days. However, failure to maintain support may send it toward the $0.215–$0.218 range.
Current market data on Dogecoin suggests the need for monitoring key price levels and macroeconomic factors impacting the asset's volatility.
