Recent data indicates a significant price drop of 60% for Dogecoin over the past month, with technical analysis showing negative prospects.
Current Situation Analysis of Dogecoin Price
The price of Dogecoin continues to show weakness following a sharp decline in recent weeks. Despite being one of the most discussed cryptocurrencies, it is currently in a downward trend. This caution among traders is growing, especially for those hoping for a quick recovery.
Technical Indicators Indicate More Downside
According to analysis from gemxbt, Dogecoin is showing a bearish market structure on the hourly chart. The price remains below key moving averages, including 5, 10, and 20-period indicators. The Relative Strength Index (RSI) is hovering near the oversold zone but does not confirm an impending recovery.
Support and Resistance Levels in the Market
The nearest key support level for Dogecoin price is at $0.1762. If this level fails to hold, a deeper correction could occur. On the other hand, resistance is forming around $0.19, and Dogecoin would need to break above this level with strong volume to signal any recovery.
Dogecoin remains on the radar of crypto investors, but the current price drop and lack of recovery signals raise serious concerns. Without changes in market dynamics, the price is likely to continue struggling.
