The crypto market is experiencing a downturn, putting Dogecoin under pressure. Analysts warn of potential price declines.
Current Market Situation
The drop in Bitcoin's price to $88,000 is affecting other cryptocurrencies, including Dogecoin. Selling pressure increases as traders fear further declines.
Dogecoin Technical Analysis
Dogecoin has been moving in an upward channel for almost a decade, with the $0.19 level being significant. This level aligns with the 0.618 Fibonacci level, historically providing support during corrections.
Forecasts and Expectations
Analysts warn that breaking the $0.19 level could lead to a 70% drop to $0.06, aligning with lower Fibonacci levels and accumulation phases.
The coming days will show whether buyers can defend Dogecoin's current level or if the cryptocurrency will face further decline.
