Dogecoin continues to decline, losing nearly 18% of its value in the past month. Long-term and short-term technical signals indicate potential further decreases.
Sharp Price Decline of Dogecoin
The last few weeks have been marked by significant declines for Dogecoin. In a month, its price has dropped from over $0.20 to below $0.17, representing nearly an 18% decrease. This fall is accompanied by the establishment of a technical signal known as a 'death cross.'
Support Levels and Technical Signals
Current analysis shows that Dogecoin is trading just above a significant support level at $0.137. The 200-day moving average is often used by traders as a key technical reference. Unless this support holds, there is a likelihood of a drop to $0.13 which could represent a 20% decrease from current values.
Overall State of the Crypto Market
Interest in meme coins, including Dogecoin, has decreased as the crypto market space undergoes a speculative-driven cooldown. The decline in sentiment has been exacerbated by recent liquidity imbalances. Given these technical signals, the future for Dogecoin appears more uncertain.
Dogecoin faces potentially worsening conditions in the market. A break below key support levels could lead to further declines, making the future price dynamics unclear.
